This is an attenuated live vaccine, though. So the risks are similar or worse than just doing a real, engineered vaccine.

If it's mere paperwork, we can solve that with a regular vaccine just as fast. And the regular vaccine would be more likely to be safe, even at an early stage. (Note: I'm a rando, not a medical or biological professional.)

if bureacracy held up the spread of a live coronavirus, we wouldn't be in this mess

The proposal is to intentionally apply a live virus to people, so absolutely there are bureaucratic barriers to this (and for good reason). There is no a priori reason why this should have less red tape than a dead virus.

If we're just going to ignore any regulations and bureaucracy for a live virus (like this proposes), we can do the same for a dead virus.

The reason why this should be able to advance faster than a normal vaccine approach is that we will have epidemiological data that it is safe in humans. Sure it would be nice to have double blinded placebo controlled data, but good epidemiology data is still data on which a regulatory decision could be made. In the current circumstances I think this will satisfy the regulators.