This looks to be almost exactly like the NeoPixels, except even slower timing (aka easier).. and I just got that working on the Spark Core without assembly code the other day:
Assembly would be the best to keep the timing rock solid, but that's not super difficult to do either... just gotta figure out all the commands... and I just found my new best friend asm volatile("nop");
So once we're done with NeoPixel, should be a simple thing to support this polulu strip.