Well, there's a lot of theoretical talk here. I put it to the test with a little .cap file that moves a sprite at 100 pixels per second for 1 second using TimeDelta, and measures the maximum and minimum distance it travels in that period.
I struggle to get it to have an error (difference between max and min) of more than 2 pixels. It's usually at most 1.5 pixels. Maybe these fears it could be off by 10 pixels are overblown?
Also, it performs surprisingly well at low framerates. Even if you fix the framerate at two frames per second, it still lands with nearly perfect accuracy every time.
I guess I should implement the timedelta override for its various uses, but I really think people's worries about timedelta are still exaggerated. It is remarkably accurate from what I can see. And where pixel precision matters - low res games with generally slower moving objects - it still seems accurate to within pixels. You can also get around any inaccuracy with various tweening methods, such as using a while loop to move the player until they are exactly in the right place, eliminating any error at all. I would still prefer to code it this way for uniform speed of execution, even if it's more events.
Don't worry - I'll still implement the timedelta override. But I don't think many people will ever need to use it!