Ok, this looks rather promising.
Did a quick test tonight. The first shot was taken with still some daylight/twilight present, the second and third about 12-13 minutes later. The first was at ISO 320, the night ones at ISO 800. The daylight one was at 1/15s, the second at 1s, and the third at 5s. For the night shots, I was leaning on a railing, but still handheld. Noise reduction is the same for all three, +10.
Looks like the new technique not only removes hand shake, but it also removes noise by averaging shots. Looks like the 5s shot has even less noise (more shots to average from?). The last comparison was done at 2:1 enlargement, the previous one at 1:1