Even if the photo was entirely genuine, it wouldn't pove a damned thing one way or the other about the Clintons, it would simply be one of a hundred thousand or so touch-and-go photo ops with a local party backer or supporter, common as dirt for Presidents of both parties to do. The only reason this comes up is for purposes of character assassination though guilt by association, and that is only occurring because Hitlery operatives have been trying like Hell to do exactly that to Obama over his association with the guy.
I also don't find his argument nearly as compelling as he does. The pixel shift on the shoulder area is jarring but not necessarily from an insertion, it could be caused by inept editing of a genuine original photo to square up a shoulder, adjust the visual spacing, or some other inoccuous reason. I don't really but the collar/chin area stuff at all, that entirely depends on the actual color values on the day and without a higher-def photo showing the tie, blemishes, etc. it's impossible to say if the OP's argument on that has any validity at all. Without finding the parent photos from which this end product was supposedly merged, the whole thing boils down to 'maybe, maybe not.'