Hm, what about this.
It doesn't use the undo history at all. There's an option to turn on capturing. Whenever you do a change that is written to the undo history, Paint.NET pushes a new picture into an array of pictures it has stored in a file. When the user undoes, it deletes the last picture in that file. Since that file is not playable, you should add either a built-in option or downloadable plugin to Paint.NET that can convert it into a video file (where you can decide the rate in which the pictures are played).