Hmm, I disagree with your conclusions. Let me start by saying that I don't know Jim, but I have read many of his threads on MBI, and he is a smart guy (from what I can tell).
As for your concerns about using a dosing pump in this system, I would normally be right there with you, but the dosing head that Jim is using is a really nice Japanese dosing head. Most likely stepper based version. Not the usual Chinese crap that many aquarium manufacturers base their dosing units on. You can see the same dosing heads used in the expensive Vertex dosing units.
As to the reagent and why you think it is colormetric in nature, I highly doubt it. I would guess that the reagent is a dilute acid (either hydrochloric or sulfuric) combined with 2 different PH indicator dyes. If you notice the waste and reagent are different colours, signalling a colour change has occurred during the process. In one of the demonstration videos, Jim narrates the process that is occurring and it most definitely falls inline with what a titration sounds like (E.g incremental amounts of reagent are added to the sample until the end point is reached).
The system looks pretty much like what any of the test kit manufacturers use for alkalinity, only automated and with electronic output fed back through the PH port, with far more precision than the typical hobbyist is able to achieve using clunky test kits.
Dennis