Yes, there are some good solid principles at Y Combinator. I agree. To apply in a way I think is thorough, takes at least 8 hours of work - a day's work. That's doing the videos and providing cogent responses to all the questions. Sure you can do it in 20 minutes if you want to rush through, but I don't do that.
Now a day's work is not a great amount. However, the problem is that it is a "special case" application that really can't be reused. Y Combinator wants you to tailor an in-depth presentation for them. That's fine. More power to them. However, it says something to me that in return they offer zero feedback. Zero.