Rule #1 of telling someone to go around your car with a point-by at a track day is not to run them off of the track when they go for it. That isn't what's happening here.
Track days are great, inexpensive ways for the average person to explore the limits of their car in a safe, controlled environment. You're encouraged, not fined for seeing how fast you can go, plus you learn a bit on how to become a better driver.
Thing is, track days (or high performance driver's education events, as they are frequently called) are not a competition. You score no points for defensive maneuvers that keep people from passing you—all you do is bunch people up behind you. The closer bunched people up are, the more likely there is to be an accident.
Since track days are often done in participants' street cars, there's no excuse for being overly aggressive or not letting other cars on track have plenty of room. Everybody wants to be able to drive home.
The point-by is an integral part of this: namely, you let someone by via pointing them towards the side of the car where you want them to pass, giving them ample room to make the pass on that side of your car. It's all about clearly communicating your intentions and being predictable to other drivers on track when you can't hear the guy behind you screaming "IF I GO ANY SLOWER, I WILL BE STOPPED!"
That's not what's happening here. After realizing that the car behind him has been following him for way, way too long, the E30 driver finally gives him a point-by, only to nudge towards the car trying to point him by as soon as the hand signal is given.
"Dude, I'm pretty sure you're supposed to pass on the grass." Uh-huh. Sure.
Moral of the story for those of you who participate in track days: pick one side of the track and stick with it until the person on your tail is safely around you.