This would be possible. Although it would require providing some UI so the user could specify which parts should be sped up.
I've seen the Pjong Yang video, it is beautiful work. It requires very careful planning and shooting, and a lot of manual work to create such nice results. We're trying to make this easier for CASUAL, but it's still FAR away from the quality of professional hyperlapse.
Some of the videos demonstrate unusual "popping" effects and deformations when standing still - especially notable in this video, top right, sixteen seconds in:
http://research.microsoft.com/en-us/um/redmond/projects/hype...
I understand how the extreme situation of climbing is a challenge, but what is it about standing still that causes this? Do you have any thoughts on how you might tackle this problem in future work? (although it appears you already combine an amazing breadth of techniques, so I'm not sure how many options you haven't looked at)
Also you probably saw this over the past week: http://jtsingh.com/index.php?route=information/information&i... (disregarding the politics of that) Whatever he's doing (I assume a lot of manual work) it has a very similar effect and it has these beautiful transitions between speeds.
Amazing work and the videos are stunning.