I do not see anything out of the ordinary here- simple Levels, Position and Rotation animation (may be a bit Scale as well), with a Motion Tile applied to make sure the edges do not show up (mirrored) and Motion Blur enabled. The rest is timing. The sprocket holes can be created in AI and then animated on top.
Thanks for the advice, though when attempting to do this with Twitch I just discovered that when I apply Twitch on whatever layer the whole program doesn't respond for a while. After a while it responds but if you do any change in the program it all repeats, AE stops responding for a while.