That's a very good time. I went through a couple of times completing Storyline Missions before San Andreas came out, and I reckon (not trying hard) I got around 3 hours altogether on the last try. That was a pretty good effort on my part, so 1:58 is quite a good time.
As for the fastest time, we don't have one here. Spuds here would know, as he's been around forever, but I searched and couldn't find anything. I took a look over at GTAForums, and they didn't have anything either. I remember there were races for the fastest time to complete Vice City 100% here last year. Maybe you could start some competition here?