Since people are having trouble with Macho, I will share what I shared with AceEbb in 2011 when he PM'ed me.
This is what I do:
Always start the round with a gutter. It's a free hit.
Then he will start throwing hooks or uppers.
If he does an upper, dodge and throw 5 punches then delay the last one. When he is almost recovering from the stun, toss another one. Free star.
The timing is a bit tricky, but once you get used to it, you won't miss.
Then we come to his hooks. Dodge them, toss two punches and use a star punch if you have it. It only works two times. He will dodge the third, so don't waste your time.
Also, always remember to hit him with the opposite hand. He tosses a right upper or hook, hit him with a left jab (up + B button). He tosses a left upper, go for a right jab (up + A button). And always use the gutter with A button.
Once MM stops to prepare for his single spin punch, gutter him like there's no tomorrow. You will knock him down by here.
Now, once he is up, gutter, gutter, gutter, gutter until he throws his spin punch. Dodge it, toss 10 punches and immediately follow with a star punch (you will have more than enough thanks to the gutters).
He won't be down yet, so follow the star punch quickly with a left jab (up + B). It will give you a star. You can throw it at him right after the jab, as he usually goes for a hook, or you can be safe and dodge his next attack and knock him down the second time.
Once he is up, star punch followed by gutters, dodge spin punch, 10 left jabs, star punch, left jab and star punch if he is still up. He will go down at around 1:30~1:35.
Have fun beating Super Bonus Stage Man under 2 minutes.
To perform the gutter, tap up, release it quickly and press either A or B. He will guard up and your body blow will connect.
Edit:
This video shows a variation of this strategy, without the delayed punches:
The final time is horrible slow, but allows you to drop him under 1:50 easily. Start from here, learn the delayed punches for the extra stars and never bother with Super Bonus Stage Man ever again.