That... works. At first I was like "But this is cheating" and then I saw what the requirements are.
You have to 1CC Easy and Normal in all four scenarios.You have to have beat Extra with that character.From what I understand, you start off with -1 continues and you use one when you die from Reimu's Final Five. In other words, you need to completely finish Normal, Hard and Lunatic, including those cards, for that character.You need to have tried every Lunatic Spell Card for that character.You need to have less than 80 spell cards locked, in the whole game. Minus Phantasm and the Last Words, that's 38 cards locked, which is 308 cards unlocked.If you've done all that, then go right ahead.