IMHO, it's a fun idea, but a major part of the off-axis softness imparted by the originals was due to the fact that they were used on large format cameras. The calculations are not trivial, but I'm pretty sure that to get the same amount of off-axis softness on a small format camera, the f-number would have to go down substantially, maybe as low as f/1.4 or even faster. This is for the same reason that for a given f-number and object-to-image demagnification ratio (aka, "equivalent focal length"), the DoF of a point and shoot with a tiny sensor is much deeper than using a full format system.
Unfortunately, I didn't hear any mention of such technical specs in that video.
I would also question whether one of the LensBaby devices, undercorrected for spherical and other aberrations, and which are probably going to be vastly less expensive, would give very similar images.
T