What "Makes" a Lo-Fi pedal is it's ability to recreate a recording "gone wrong" in real time.
In "For Parts or Repain" the recording medium is tape. Dropouts refer to sudden momentary losses in sound. In real world conditions this can be caused by something as drastic as a tape splice or as subtle as dust.
"Wow and Flutter" are deviations in pitch caused due to fluctuations in tape tension caused by faulty playback mechanisms.