ToT has a couple of very distinct advantages.
First, it is much easier and more accurate to measure time rather than distance. If the course is off by a few yards, the calculations will be incorrect. With ToT course length does not matter, 1 mile, 1.01 miles, 1.1 miles its all the same, the elapsed time is what matters.
Second, weather on a race course is seldom consistent. In a dying breeze, big fast boats have a distinct advantage as they spend more time in the good breeze, while smaller slower boats get beat up by the lack of wind. With ToD the boats have sailed the same course but the smaller boats will have disproportionately longer elapsed times. With ToT it matters less because the ET is corrected by the ToT rating, not the distance.
Converting a ToD rating to a ToT rating involves some mathematical magic, but it is relatively easy to compare finishes using ToD results and ToT results and adjust the formula. It would be even better to completely abandon the ToD ratings and only use ToT ratings.
Creating accurate simple ToT ratings is pretty straight forward. Local clubs can do their own with a spreadsheet. The tricky part (and the math that I don't fully comprehend) is adjusting for different fleets. ToT ratings are all based on a "base boat" where the ToT multiplier is 1.
To calculate a local ToT rating that is only good for one fleet, simply find the median time for each race and then calculate the ToT number for each boat in the race. Collect data from at least 5 races and take the median rating for each boat.
Local ToT Rating = Boat's Elapsed Time/Median Elapsed Time Fleet
Some thoughts on how to do this and why can be found here:
http://www.sailingscuttlebutt.com/2016/04/27/focus-on-fairness-in-local-competition/