This gives you only the privileges that a successful "sudo" would give you, and requires a previous successful "sudo". It's a nice hack, but hardly the end of the world.
there's no confusion with sudo, it's running as designed. It compares the current timestamp to the user timestamp to determine whether to ask for a password or not. The first flaw is in the date command allowing unprivileged users to set the time. The second is that the -K flag to sudo makes the -k flag obsolete, so the latter should be dropped.
I wonder, does this require the user to be listed in sudoers with any privileges or is it just straight to root?