Bobby Colomby explained POT the same way in a back issue of BP. It is nice that he isn't changing his story! But the Teo Macero reference is spot on. Miles didn't lack for ability, vision, or inspiration, but Miles ended up with 15 minutes of music when it came time to edit Bitch's Brew! It was something like 20 hours of tape.
Teo had the luxury of having been in the booth, listening and observing, and was able to assemble the pieces in a pleasing and interesting way. I'd put Bobby in the same camp. Since I don't think you can find a recorded version of Jaco ever playing POT exactly like the studio cut, it makes sense that he did not work it out as a continuous composition.
And if you think it is somehow a knock on Jaco, because you probably are on the lookout for ways to chip on a bass legend, here is a similar piece of music lore:
Guitarist Joe Walsh was, like most other rock guitarists of his era, a big fan of the Beatles. One song that really caught his ear was "And your bird can sing", and Joe learned to play it, including the solo. He probably spent a lot of long hours at the turntable working it out. Later on when on tour with the James Gang he met George Harrison and asked him about the track and played him the solo. George was apparently shocked because he said it was double tracked and had several edits and he never thought about playing it live. Walsh was playing the track with all of the double stop bends.
My point is that the studio is a tool, but when push comes to shove you have to be able to play your damn instrument. When you hear POT you hear a nice consistent tone, unprecedented use of false and natural harmonics, and a nice consistent tempo. No ProTools, NUendo, pitch and tempo correction,... just a bass, a tape deck, and a razor blade.