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Quantum simulation on NISQ devices is severely limited by short coherence times. A variational pulse-shaping algorithm known as ctrl-VQE was recently proposed to address this issue by eliminating the need for parameterized quantum circuits, which lead to long state preparation times. Here, we find the shortest possible pulses for ctrl-VQE to prepare target molecular wavefunctions for a given device Hamiltonian describing coupled transmon qubits. We find that the time-optimal pulses that do this have a bang-bang form consistent with Pontryagin's maximum principle. We further investigate how the minimal state preparation time is impacted by truncating the transmons to two versus more levels. We find that leakage outside the computational subspace (something that is usually considered problematic) speeds up the state preparation, further reducing device coherence-time demands. This speedup is due to an enlarged solution space of target wavefunctions and to the appearance of additional channels connecting initial and target states.