If you want to take home some points, it's not that hard to fully chain the first black wave and some of the following whites. Then you can just take cover at the corners as Plasmo suggested.
Unfortunately, there's no easy from-beginning-to-end strategy that I know of for the arcade version - it's either mad improvisation, a partial execution of the optimal strat, or going for the standard full clearing of the enemy waves as in the video you linked. There are certainly other strats, but they are sub-optimal and quite difficult as well - example: https://youtu.be/pMYU92IwYlg?t=10m58s
(fantastic run btw, watch it in full).
That said, I don't think the altered Ch3 bonus section in the XBLA version is a bug, I would say it was deliberate game design choice (along with the other differences, except maybe the Ch2 boss vulnerability). Maybe the changes were implemented to floor experienced players and create a more level playing field, who knows.
Can I hijack for a moment this discussion and ask players of both the arcade or DC version and the Steam version, if the latter (Steam) version is 100% arcade-perfect gameplay-wise (minus maybe some slowdown difference)? Plasmo, can I ask you? (hi Plasmo