Yes, this is similar to what he is doing. Link to the documentation that you indicated: "Five-minute wiggling is allowed on both sides of the current timestamp on the Mashery server to ensure a reasonable clock drift." This means that they need to check up to 600 hashes in order to check if the presented one is valid. 5 minutes - 300 seconds. Plus or minus does 600 checks.
It seems practical to me. 600 MD5s are not much processing. In fact, a modern password validator (for example, something that uses bcrypt) will do a lot more work to verify the password.
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