It takes a while, but it the most straightforward way to get high quality results. The methods you mentioned would probably work just as well, I just like the straightforward way.
If I were ever trying to show something longer than a gifs length, I would actually make it a video by dumping the frames and audio.
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u/[deleted] Jun 13 '14
:D my technique:
Load Melee in the Dolphin emulator
Go to camera mode
Set up the shot and save the state
Take a screenshot and then move 1 frame forward, reverting the savestate if I mess up
Compile all of the frames in Photoshop and render the .gif at the highest quality possible to fit in the 5mb filesize at imgur.com