I do likes me some Tyler finishes!!!
I don't know how they do the shmears, but I beleive the rest is done just like the old ESP finishes Vernon Reid used to use. Paint the body 4 or 5 different colors and just sand thru till you get it looking like you want.
I have seen a Suhr with a finish similar to Tyler's shmears and John calls it a "drip" finish. I beleive you do it just like the name says.