Clearly, by most definitions of the term there is zero support for this dogs dinner of an explanation.
If you are generous then I think it is possible to concede some kind of acceptance that you could claim the term refers to those people alive during some more nebulous "age" - e.g. the "age of steam" - you could claim a term such as the "steam age generation" means people that were alive for the 200 odd years when steam trains were dominant.
The real question however for those that wish to believe anything in Matt 24 is worthy of taking as the truth, is how did Jesus intend it to be understood?
Is there anything in the wording that indicates any other understanding that what the common person back then would have understood by the term "generation". What part of "by no means will this generation pass away" gives any context or clarification that it would not refer to a group of people alive in the same 30-40 year period? What happened in the first century? What was the indication of what a generation was then in relation to when Jesus spoke these words and when Jerusalem fell?
As far as I can see there is zero evidence to suggest it should be taken any other way than the obvious one.