So, basically the diet the OP described is Intermittent Fasting. Except the feasting window sounds small, since it's only one meal. Let's say a person needs 3500 calories to grow, I seriously doubt that person could eat all 3500 calories at one meal. Now, if you have someone with a poor metabolism and a normal amount of calories with many meals a day makes them fat, this might work for them. It's less calories, a lot of fasting, and this may work. They probably won't build a ton of muscle, but they may be able to get lean and maintain some lean muscle.
As far as not being able to process over 40g in of protein per meal is absolute crap. It's been disproven time and time again. If you eat a total amount of protein a day, and it's just more than your body was able to utilize in that day, yes some will be wasted, but it doesn't mean if that protein doesn't get used right after that meal that it's a waste, so I highly disagree. Add in gear, and your synthesis of EVERYTHING goes up, so now you can utilize even more protein, and the protein you already consume will be come more valuable.
As far as not being able to process over 40g in of protein per meal is absolute crap. It's been disproven time and time again. If you eat a total amount of protein a day, and it's just more than your body was able to utilize in that day, yes some will be wasted, but it doesn't mean if that protein doesn't get used right after that meal that it's a waste, so I highly disagree. Add in gear, and your synthesis of EVERYTHING goes up, so now you can utilize even more protein, and the protein you already consume will be come more valuable.