Maybe.

If I understand correctly, the process they're using is something like the following...

1) Cool the skin down to some depth by applying an icepack

2) Remove icepack and take a video of the skin with infra-red (a temperature map) as the skin reaches thermal equilibrium.

3) Process the "stack" of images by measuring the thermal conductivity at each point-- you do this by getting a curve of the temperature for each point.

This will give you a map of structures underneath the skin which have different material properties (a different thermal conductivity).

Perhaps, but from the video it appears they have some software that helps with diagnoses as well. Something the Flir camera wouldn't have (at least not specific to skin cancer).

Not trying to belittle the project, it's very cool - just might make sense to use existing commodity hardware. Yes the software would be crucial - FLIR One + Android/iOS software for analysis would be a quick route to market