The system described in the OP text is a form of stenography, conducted with a normal keyboard. I would be surprised if a competition typist, presented with an already-shortened text, couldn't beat out most stenotype stenographers working off the original text.
It would be unfair for a typing competition to exclude a chorded keypad, and I don't know of they do or not. It's completely fair to not accept "ts cmptly fr" as the transcription of "it's completely fair", no matter how it's typed in.