Just recorded yesterday by a member of the TDPRI (tele forum). Apparently he's the bassist.
In the thread over there, somebody described this as "Aunt Esther funky".
From the YT description: To answer everyone's question, Matt had this to say - "I'm playing through and Hugh's and Kettner Rotosphere pedal. I'm also using a Morphous drop tune on the octave setting to get the effect of a Hammond B3 with the draw bar open. Also playing all inverted chords from the 8th fret and up and using Analog Mike's compressor to get just a little more sustain."