Yeah I don't think it's a particularly helpful or clear way of framing it. If you mean 'play time' as in lay down a clear pulse, this is a jazz expression that I've heard used by jazz players. However, the idea of 'playing time' itself is kind of a bit stupid and annoying, too. It's necessary for some styles of the music to play every beat, but we all play time, otherwise we are not playing the music.
So, playing 'with good time' not playing 'time' - yes Jeff you are really talking about hollowing out the rhythmic information - catching fewer notes, introducing more rests in notation terms. This is harder because you have less to go on. You have to audiate more (play drums in your mind as Jeff put it) and play less.
Most of us struggle with maintaining a sense of pulse/tempo in rests for instance. Peter Erskine discusses this in his book Time Awareness. People tend to make all the gaps too short.
But try this: record yourself solo without any click, or any fills, playing a melody of a standard, preferably one with lots of gaps in. Now listen back and count or sing the beat - or comp FG style if you like. This will tell you how well you are maintaining that sense of pulse in your playing better than any other exercise I know. It's brutal. Soloing too? Play too many notes? Maybe you lose track of time between the notes... and so on...
It's a problem you can disguise playing with a rhythm section because you can hear them... But it does mean you are leaning on the rhythm section.
And this is equally true of sparse comping patterns.
So anyway it still needs to be equally locked into the same basic matrix. And you are obviously not going to be able to do that if you can't play a flipping Charleston in time...
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Here's a nice demo of the slider in action - Jim plays rhythm at around 2:00 and morphs into freer comping with more accents:
Jim Hall Trio - Stompin' At The Savoy - YouTube
(And that's how you comp with piano, BTW. Crisp, percussive, not to much sustain in the guitar tone. And use your flipping plectrum like a proper guitar player, not hoity toity fingers like some third rate Bill Evans wannabe who plays the wrong instrument. Do you think the piano wants there to be another flipping piano? Here's the answer, it rhymes with 'duck off.')
Comping on the bass solo is lovely, too. This track taught me a hell of a lot.
But to reeeeeewind a little, my concern is increasingly pedagogy, and most people (who me?) on this thread are interested in splurging their brain contents than sharing something useful to the OP. I doubt you'd disagree that a good way to build up ability in comping is working on simpler patterns and ideas and locking them into grooves. The sheet is handy for that, perfectly reasonable teaching tool.
It certainly doesn't need to be 4/4 rhythm guitar.... In fact it's arguably best not to try to do that until you can play Charleston, push, etc etc, or if Bruce is to be believed, at all if under the age of 80...