That's funny, a person I know locally happens to breed a very popular plecostomus. She changes the water %70 DAILY, and never loses a fish. What's even more interesting, is we have a hardness of 150ppm and a 7.8pH.
After my first explanation, I still do not see the problem with changing large volumes of water, more frequently.
Also keep in mind that there are waste levels (other then nitrates) that can also build up periodically over time, and even though you are removing up to 50% of the water, the wastes build up faster then you are removing it. However, Frequent water changes of this proportion on a more frequent interval, can be very beneficial.
The only problems you might run into is if you have chlorine/chloramines in your water. Also, people often tell mistruths about when the last time they changed the water, and a large water change can prove detrimental if this be the case. If you use anything to doctor your water as well, you could be causing yourself unwanted problems.
What is the detrimental effect of changing 70% of the water, if the tap water and tank water are exact paramaters?
If anything, the guy has high ammonia/nitrite content because he hasnt cycled his tank properly, or he has inadequate filtration combined with overfeeding/overcrowding.
My next thought is this... He has an unstable biological filtration, in which he overfeeds his fish and the waste levels start to rise. Over the weeks period, his pH begins to drop due to the buildup of toxins in his tank and low buffering capacity.. and upon doing the next water change, he is sending his fish into pH shock. BUT - If they are losing their slime coat, it sounds like a nitrite problem from an uncycled tank, but that should kill the other fish too.
I don't know, it dosnt add up.
BTW, The breeder of the Plecos sells them for $150 at 2", you guess what they are, and decide which water change method has proven more effective.