This is an old technique. It can work well and yes there are risks attached.
I've never seen it described in two passes before, however. I've done this in the past but taken several passes. Instead of dividing the taper into two, you can do the same by dividing it into 5 or 6, depending on the taper and taking shallower cuts (total cut divided by 5 or 6)
I'd use some considerably more substantial push-sticks though, he looks as if he's struggling to hold the workpiece TBH. A tote-handled one with a heel on the back would be much better.
This is OK if the PT is the only machine in your shop, but I think I'd prefer a TS or BS jig, especially as he points out that it still needs a finishing cut with a plane or sandpaper.
One of the biggest problems with this technique is that if the tape is subtle, when you turn the leg round you can find yourself planing against the grain, even though it is tapered. This can result in a worse finish than that obtained on the tablesaw, for example.
If you want some really scary workshop practice, watch Mario Rodriquez use a tablesaw to make a wall-hanging cupboard on the same site. Very well explained, beautiful little cabinet and potentially maiming tablesaw practice.
On the plus side for PW, my mag turned up yesterday without me having to email and moan about non-delivery :shock: :shock: Whatever next?
Cheers
Steve