Tools you will need installed.
XSplit Gamecaster [ www.xsplit.com ](or some type of recording software)
Cheat Engine 6.x [ www.cheatengine.org ]

For NO HUD you will need to enable your BL2 console by editing Willowinput.ini
With BL2 NOT running.
Borderlands 2\willowgame\config\Willowinput.ini (MAKE BACKUP!)
Open Willowinput.ini with notepad (or text editer)
Find “Consolekey=undefined” change to “Consolekey=Tilde” save.
Now ingame press tilde key (~) to open console. In console type ”ToggleHUD”

In game
Pick a spot to record time lapse
Unequip weapon and ToggleHUD
ALT+Tab to your desktop
Run Cheat Engine 6.x
Select process Borderlands2.exe

right side of Cheat Engine “Enable Speedack”
Depinding on your CPU & GPU on how fast you can set the speedX
ALT+Tab back to the game and record.
Please share your time lapse video links in comments.
Enjoy.