I did something similar for a school capstone project. It brings back memories. Writing Verilog, working with FPGAs, that sort of thing. But this goes even further and actually gets into hardwired implementation, which is really impressive. Actually, using if else statements just creates MUXes, so you don't have fanout issues to worry about. But for something like this, you would have to handle timing calculations for rising and falling edges. It is really remarkable.