I have to go with "This is not possible" due to the fact that the parent page cannot get the height of the 3rd party page since it is from a different domain than the parent page.
Edit: It is possible to do this if you have some control of the 3rd party page.
I personally would just use the method they already have implemented, it doesn't require jQuery, you just have to include the frame.js.
At that point, all you need is a method on the parent page that listens for when the hash changes and resizes the iframe accordingly, which is also already written by the site you linked. it is a very clean solution already, no real need to modify it. It can be found here.