Not required if you already have TinyTip, as this is a basic TinyTip module. Allows you to reposition the tooltip, smart repositioning, or just stick it to your cursor. It's what Thrae wants in his tooltip.
And how am I suposed to load the options panel for this addon? It is stand alone as you said, but do I have to install the core tiny tip addon to configure it?
To use it stand along you need to configure it by editing the StandAloneConfig.lua file.
If you want to use it combined with the options addon, then you need to install the core addon, as that has the logic to load the Options module and you are no longer using it standalone.