Hello there.
I have this effect. To answer some questions, setup depends mostly on your typical style of the method(s) that can be used in this lineage/type of card magic. The method I use, is the method Pit uses in his performance and explanation of the effect and technically has no setup time. I'm not trying to mislead anyone by saying there is 'no setup time', that is a reference to the method Pit uses.
I'm am not a big worker within the realm of the style of card magic that this effect employs, however upon discovering Pit's unique addition to it and along with his charming and easy to follow instructions, I am adding this trick to my rountines once I get it down.
Cheers
-K->