A rabbit trail I once followed involved looking up information about Saturn the titan....aka Chronos. I won't post here, but I'd reccomend looking up the story of Chronos, and read it while watching the video....its kinda creepy how well it fits, though Im pretty sure that wasn't the intent.
I wouldn't be surprised if the myth influenced the video somehow, perhaps maybe even sub- or unconsciously. The song The Grudge directly mentions Saturn, and seems to serve as both an astrological and mythological reference. To be sure, this myth was swimming in the unconscious mind of at least one Tool member.