Visual aid, comin' up!
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-1.gif&hash=5ac4edc1c8daecef78ba022b044d5144e18bd23e)
Step 1:
Jump on the plaftorm, handstand-jump (or turnaround-jump, which I think is easier) onto the upper platform, ride up, hit yellow switch, fall down, collect present.
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-2.gif&hash=59fcba8e9c14ecd55a84994595c591ac4cb82577)
Step 2:
Get across to key, hit blue switch. Wait patiently.
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-3.gif&hash=2c5e2257cb67558e45d009da88562d1ab68a798a)
Step 3:
Carry key up to yellow switch. Hit switch.
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-4.gif&hash=d75bc6cfd2f1cfab33a823612b9b716deb5b87a7)
Step 4:
Carefully throw key onto the right side of the platform. Handstand on key. Wait until upper platform comes near, then handstand-jump onto it (requires careful timing!) and double-jump up to grab the present (remember: don't hold left until the jump starts!)
Step 5:
Beat level (should be pretty easy at this point.)