This actually does work but the instructions are less than precise.
I even found a way to create a second source folder that played at a different speed, so I have one set to 66% and another to 33%, though that may change. Then I broke it somehow and couldn't make the second source work anymore, no way, no how.
THEN I made a copy of the script with a different name and linked it to the second source. "Instant Replay" now shows up twice on the hot-key page with identical names and I use the same key for both. It still only saves one file but now I can use different hot-keys for the replay sources that have differing play-speed settings.
But yeah, the instructions...