what??
I get it, good idea for OTB when you don't have a chess clock.
As you said it could also be done with a digital clock or for online play.
For over-the-board
Buy a cheap plastic sand timer, the usual one is 3 minutes for boiling eggs but I think one minute timers are also available.
If a one minute timer is used time a watch or mobile phone clock for 30 seconds with the sand timer running then white moves and turns the sand timer over.
Black then does the same thing, as soon as he moves he flips the sand timer over.
The longer you take to move the more sand, meaning time, that the other guy gets to think.
If your sand runs out you lose on time.
Apologize for the bump. I assume this device has a connection so that when a player presses the lever, it starts the opponent's time or is this a flawed hourglass format. No sand is added when the opponent thinks ?

I think it has to be based on rotary design like this, mayhap electronic so it's more accurate and time can be selected as wanted.

Chess.com should add an hourglass feature!
Hourglass is where while one player's clock runs, the time is added to the other player's clock. It simulates constant time pressure. This could be a great Bullet variant. We've played it at my local chess club, and it's really fun.