Does Binohash grinding behave like a PoW, and is it actually ASIC-resistant?

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I’ve been reading Robin Linus’s "Binohash" paper
(Binohash:transaction introspection without softforks,https://delvingbitcoin.org/t/binohash-transaction-introspection-without-softforks/2288) and
trying to understand the grinding process.

My rough understanding:

• The spender chooses subsets of signatures
  from a fixed pool embedded in the locking script
• Each subset changes the scriptCode via
  FindAndDelete before hashing
• The goal is to find a subset where the resulting
  sighash satisfies a leading-zero condition

So in practice this looks like a search problem
over combinatorial subsets rather than a simple
nonce space.

Compared to Bitcoin mining:

• Mining hashes a fixed-size header with a
  changing nonce
• Binohash requires modifying KB-sized script
  data (via FindAndDelete) before each hash
• Each transaction defines its own independent
  search space

My questions:

1. Is it reasonable to think of this as a kind
   of PoW, or is that a misleading analogy?

2. What actually limits ASIC acceleration here —
   the FindAndDelete step, the larger input size,
   or something else?

3. Would a specialized ASIC still provide
   significant speedup, or is this inherently
   closer to a GPU-style workload?

4. Does the fact that each transaction defines
   its own search space make this fundamentally
   non-competitive, unlike mining where everyone
   races on the same puzzle?

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