After some experimentation I think I've finally cracked the code (kind of):
Basically in the feedback loop there's an algorithm that does the same thing as the "Rotation" parameter in this plugin (Waves S1):
With this plugin placed in the feedback loop of a delay, the range of 0° to +45° produces pretty much identical results to the 0-50 range of Sonulab's "Stereo Bouncing" parameter (so it covers half of what that parameter does on the pedal), to cover the full range it probably would need to go at least to 90° (if anyone knows of a similar plugin which allows for a wider range, please let me know).
By looking at what that plugin does to the signal, I managed to replicate the exact setting you see in the pic, which is basically Sonulab's "4 points" setting (Stereo Bouncing set to 50) that you hear in my video. You can find it in the first scene of the attached preset.
Basically I put a couple filter blocks and a couple volume blocks in a feedback loop with a stereo delay block, processing each channel separately.
For the left channel I just set the pan to 0 so that the signal is basically copied to the right channel at the same level.
Same thing for the right channel but with the phase inverted on the left.
So, after one repeat, L becomes "center-front" (aka both channels at same level and in-phase) and R becomes "behind" (both channels at same level but out-of-phase), thus if the signal in the two original channels is identical it's only heard on the right cuz on the left it's canceled out. And since all this is in a feedback loop, it keeps rotating at each repeat.
Replicating slower settings is a bit trickier though (see scene 2) and I haven't really grasped how to do it reliably, but basically you need to tweak the panning/balance of each channel in those filter blocks... the problem is that the behaviour for the right channel, since it involves the phase inversion, doesn't seem "linear" at all and the whole thing is very convoluted (at least for the way this preset is built which might not be the 100% correct way to do this), doing it with the plugin instead is definitely much easier (obviously), so I'd say the wish is still valid
