This guy uses rather confusing descriptions of his theories and ideas. I respect his approach but other are much better in explaining these topics.
I enjoyed the presentation. Talking for an hour on this kind of material with just a piece of string and a couple of watches is fairly impressive. The thought experiment with the wooden box and green/red balls (in two size categories unrelated to their colour) was thought provoking.
I'd like to see someone define/construct two sets of macrostates that give a different time scales in a system with one set of microstates. For all I know someone may have actually done that. The paper referenced does have a section on the 'thermal time hypothesis'.