Nice to remove the branch, but do you then want the output from the clock to be the actual time since the previous? (The actual time between two timeout event is likely to deviate a lot from the set value (especially because other events will interfere), so if the use case is to calculate a total time of something you should do it differently.)
No. His idea is strictly to fix the location of the timeout terminal. Nowhere does he discuss changing the definition of the wire leaving the timeout terminal.
Available in LabVIEW NXG. The timeout terminal on an Event Structure can be moved up and down along the left side of the structure, and its inner terminal is never hidden behind the top side of the structure.