I was part of one of the first teams to figure this out, and we did it 5-man on our third attempt in 2:02 (5-manned it a second time in 1:48). We were the first to post completions in the CE megathread.
Here are my recommendations.
Loadout: Snipers and Raze Lighter seem like the best options. Sniper to take out the Shriekers and/or Ogres from a distance. Raze Lighter pretty much everything else though.
Hunters: Nightstalker is probably the best class for this, and the best time to use Tether is inside the crystal room after the shrieker death blasts have disappeared. The reasoning for this is because Ir Yut is still active in the crystal room, so she will move around and shoot at you while you are trying to kill the sword knights and thrall in there. It's best to just use a tether to supress her and everything else, just don't kill Ir Yut.
if you have your nightstalker hunter "solo" the inside adds after shriekers to get Ir Yut to shriek in fear, then you can have 5 people outside waiting, in position to spawn kill their designated enemies.
This is the time for Guardians to use their offensive supers on these majors, like Nighthawk Golden Guns, Tethers, Fist of Havoc, Nova Bomb, Hammers, Stormtrance, Radiance, etc. If all else fails, Raze Lighter makes quick work of these. The important thing is that everybody kills their enemies quickly to get Swordbearer to spawn. Spawn kill the Swordbearer with Raze Lighter and go kill Ir Yut with the hive sword. I don't even think you need to "prime" Ir Yut with other weapons to get her health down. In our runs, the hive sword was killing her in 1 swing at half health.
It's not a difficult challenge, basically just spawn kill everything. If my group can 5-man it in 1:48 without optimizing our strategy, most groups should be able to do this.