Chip's Home Page
There are lots of combinations that will get you through this level. My favorite (so far) is to go straight down through the first teleport, go right over the thief and grab the chip in the lower right room. Then I go back over the thief and pop up through the teleport into the upper right room, grabbing the swim fin.
From the swim fin room, I enter the teleport from the east, doing a quick L/R/L which plops me in the fireboot room and I make a run for the water, getting on the force field slide for another chip.
After that trip dumps me back in the start room, I enter the teleport there from the west, doing a R/L to get the fire boot. Then I enter the teleport in the fireboot room from the south. This takes me to the upper right room, where I can go over the pop-up wall and get on the force field slide to pick up the last chip.
No matter what direction you enter the teleport from in the start room, you will wind up in the goal room, just a few steps from home!