Interesting question - is the author's transcription a derivative work of the video? And if so, is he actually allowed to release his transcription into the public domain (without the permission of the author of the video)?
No, it's only derivative in the sense of process. The video lacks originality; for the musical notes it is merely a mechanical reproduction of the punched holes. Similarly, a photograph of a public domain painting is also in the public domain. See: Bridgeman Art Library v. Corel Corp., 36 F. Supp. 2d 191 (S.D.N.Y. 1999). At least this is the law in the United States, which is sensible; absurdity of other jurisdictions may vary.