Visual aid, comin' up!
(http://www.geocities.com/f2fth/mvsdk4-3-1.gif)
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.
(http://www.geocities.com/f2fth/mvsdk4-3-2.gif)
Step 2:
Get across to key, hit blue switch. Wait patiently.
(http://www.geocities.com/f2fth/mvsdk4-3-3.gif)
Step 3:
Carry key up to yellow switch. Hit switch.
(http://www.geocities.com/f2fth/mvsdk4-3-4.gif)
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.)