I'm wondering if this is even tango, in spite of the claim being made that it was.
The more showy versions of these early performances are always strange, but i think it has at least the same base vocabulary:
Lots of cortes, but we know that they used to be important in the early tango - a lot of writing and interviews mention them (usually in the context of cortes not being danced by well behaved dancers - seeing how the (probably exaggerated) valentino version ends up with a lot of thigh-to-thigh contact i can see why), then a giro, more cortes, a hopped backwards ocho (again, there is much more hopping in early stuff, so this is not too strange). cut. lots of cortes. cut. a jump from a corte - a pure show move ( actually a neat technique, and virulazo in the video above uses basically the exact same technique to do a small jump from an enganche), another jump (performers just love jumps, don't they?), giro with variations of the walk and exit, more cortes, cut to drunk guy seeing fish, canyuenge style promenade, turn with a saccada, repeat, cut, cortes+piques, cut, more cortes, more piques.
Ok, watching this section by section i noticed it is strategically cut so that they dance only one piece of vocabulary. I suspect that they went off and practiced between cuts...
If i used a more current look, and aside from the cortes (which are really out of fashion) and the jumps i probably could dance the whole thing at a milonga, and it would not look too out of place. And I probably could pull off the cortes, too, if i warned my partner that i was doing a tango-bachata crossover *laugh*. It would probably look more natural if it was a milonga, though, but that seems to be true for a lot of that early vocabulary.