The no fly time is just a calculation like any other deco stop. The computer should work out what the m-value at 8000ft (~0.75ATA from memory) would be then work out how long you would need to stay at sea level in order for your tissues to drop to those levels. It's no different to how the computer works out how long you should stay at 9m before ascending to 6m.
It isn't based on the total desat time but it probably works approximately enough to be able to say that no fly time is x% of desat.
8000ft is chosen because it's the minimum equivalent air pressure allowed in a commercial airliner cabin.
When i was writing deco software I asked DAN, they said forget calculations and go for at least 24hrs.
"I hate to advocate drugs, alcohol, violence or insanity to anyone, but they've always worked for me" Hunter S Thompson