False start by QB?

[Robert Goodman]

YouTube - Northwestern vs. Iowa State, 1945

Starting after the 1st minute, and for the rest of the film, Iowa State's QB does something I didn't think was even legal under the rules of that time: pulling out from under center before the snap with his hands faking as if he's going to hand the ball (that he doesn't have) off -- which is part of the play series too. At least that's the way it looks to me. I thought the wording about simulating the start of play had already been in the rules for a long time, but maybe it was interpreted differently then. Or would you allow this kind of move?