I have not been in a more than 8 years to Walt Disney World - because I sold my Florida house . As a result, I have been going elsewhere due to changing family circumstances. This has been fun & entertaining too. However, when I did go to WDW regularly, sometimes a cast member would hand a lanyard with a card clipped to it to a random rider entering the regular standby line. When that rider was about to board, they were supposed to give that same lanyard to a cast member at the front of the line. This would track the actual time spent in line. Are these the "Time Lords" to which you are referring? If so, I had it explained to me that those "real times" were then "slightly inflated" to give guests the feeling that they are being served faster, being given better service, making waiting in line less seem daunting and more tolerable. Those inflated times are placed on the boards in the form of wait times.
If that is not what you are referring to, sorry - I have no idea - After-all, I have not been there since they instituted wrist bands and eliminated paper fastpasses. My guess is that they can ascertain the same information from your wrist bands, and if so - the time inflation principle might still be in place for the same purpose.
P.S. - I am planning to revisit WDW when Epcot is completed, maybe sooner - but I am enjoying the posts here at Intercot in the meantime.