You would probably still need the changes they made to Git itself. But fundamentally IPFS is also a filesystem virtualization layer (so should be able to do everything their file system virtualization is doing - if it doesn't already), and inherently has lazy checkouts.

The main added benefit is that if your friend on the LAN has also checked out the parts you need you can get them directly from them rather than some central repo, which could make a big difference in a company of 10's of thousands of employees.