I think this method of driving the 7-segments makes perfect sense, and is not at all "how ya doin". The current out of an HC164 gate is a function of the voltage at Vcc versus the Vf of the segment diode. For a particular Vf, you set Vcc to whatever level draws 50mA through Vcc when all eight segments are lit, and as long as that's 1.9V or greater, it will work fine, and won't violate any absolute maximum. The displays are then driven constantly at 6.25mA per segment, with no flicker, and there's no need to refresh unless the displayed values change.
The downside is you then have to generate the 2V power supply, and the clock and data lines also have to be 2V. Unless you need the 2V for something else, it would probably be a lot easier to just add the resistors and drive everything at 5V or 3.3V.