Just got 3 days 13 minutes on first attempt, but this is definitely do-able in under that, sub 2.5 days is probably possible with refinement. I got a blizzard for my last 12 hours, and had to keep sleeping sleep-warming burning condition each time I chopped mid-storm.
The real trick of this is in the RNG of items, RNG of weather (wind blowing in your face, and blizzards/fog getting lost), and RNG of predators. Rifle Bullets and Softwood/Hardwood Planks are the biggest offenders, which sometimes spawn in forests or beside fireplaces of homes (they take lots of time to chop). Frozen Corpses, Fishing Hut shelves, and 'hidden spots' beneath furniture etc can have ammo, but it is more often revolver ammo than rifle. I found my rifle in a Fishing Hut near Jackrabbit, and 3 bullets from different fishing huts. 5 bullets were in the Watchtower, and 2 more were in the #3 Upper Mine near there. Wolf patrols are also RNG dependent, since they can be in your way often.
Don't pick up anything unrelated to the challenge. No medicine, cloth, etc. Maybe spent the time equipping a really good clothing item if it's an upgrade, but if it's close to yours, don't bother, keep moving.
The 3 routes I took was: a spiral out from the Quonset hitting all nearby homes in the village and dropping off, ice huts and southern houses near Broken Highway and Misanthropes and Jackrabbit then more huts on way back, and lastly to the Townsite "Stop Sign" up to Trailer up a shortcut (not the default path) to Overlook then Mine #3 Upper then Trailer by the falls ending up by the mouth of the river that flows from the camping ground: I followed this river up to the camping ground stoning rabbits and collecting Cattails (tinder and food) and hit the Camping Ground house, the Trailer up by the railway line, and then the house in the woods south-east of the trailer on my way back.
Mine #3 Lower/Middle would probably be utilized in a "perfect run", since it contains so much ammunition and (I believe) a guaranteed revolver and rifle spawn. This could allow extremely fast bullet gathering and even gun hunting on the first night/second morning; but this would require an aurora on Night 1 which I'm not sure is possible.