If Im understanding the question correctly, then the Boss DD-series delays would fit the bill, as they have tap tempo, and a hold function with up to 5 seconds of hold/delay time. In the hold mode, the repeat time is set by one tap basically- the recording starts when the switch is pressed, and stop recording/starts repeating when the switch is released, and then tap again to stop the repeat (iirc!).
I think Doug Wimbish is using a DD-3 is this video:
http://www.youtube.com/watch?v=3f35NVX_PU0