Background
To create a algebraic formulation of Gilbreath's conjecture we will do the following. Using the notation $i=1$ and $p_k$ is the $k$'th prime:
$$ x^{p_i} + x^{p_{i+1}} = x^{p_i} (1+ x^{|p_i - p_{i+1}|})$$
$$ \implies \frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} = (1+ x^{|p_i - p_{i+1}|})$$
However for $i+1$ we have:
$$ \implies \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} = (1+ x^{|p_{i+1} - p_{i+2}|})$$
Adding the above two equations we have:
$$ \implies \frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} + \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} -2 = x^{|p_{i+1} - p_{i+2}|} + x^{|p_i - p_{i+1}|}$$
Now assuming Gilbreath's conjecture to be true and $ |a-b|=1 \implies a = b + O(1)$
$$ \implies \frac{\frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} + \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} -2}{x^{|p_{i} - p_{i+1}| +O(1)}} = 1+ x^{||p_{i+1} - p_{i+2}|-|p_i - p_{i+1}||}$$
However for $i+1$ we have:
$$ \implies \frac{\frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} + \frac{x^{p_{i+2}} + x^{p_{i+3}}}{x^{p_{i+2}}} -2}{x^{|p_{i+1} - p_{i+2}| +O(2)}} = 1+ x^{||p_{i+2} - p_{i+3}|-|p_{i+1} - p_{i+2}||} *$$
Adding the above two equations we have:
$$ \implies \frac{\frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} + \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} -2}{x^{|p_{i} - p_{i+1}| +O(1)}} + \frac{\frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} + \frac{x^{p_{i+2}} + x^{p_{i+3}}}{x^{p_{i+2}}} -2}{x^{|p_{i+1} - p_{i+2}| +O(2)}} - 2 = x^{||p_{i+1} - p_{i+2}|-|p_i - p_{i+1}||}+ x^{||p_{i+2} - p_{i+3}|-|p_{i+1} - p_{i+2}||}$$
$$ \implies \frac{\frac{\frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} + \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} -2}{x^{|p_{i} - p_{i+1}| +O(1)}} + \frac{\frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} + \frac{x^{p_{i+2}} + x^{p_{i+3}}}{x^{p_{i+2}}} -2}{x^{|p_{i+1} - p_{i+2}| +O(2)}} - 2}{x^{||p_{i+1} - p_{i+2}|-|p_i - p_{i+1}||+O(1)}}= 1+x^{|\dots|} = 1+x$$
*Why? Because using Gilberts conjecture:
$$ ||p_{i+1} - p_{i+2}|-|p_i - p_{i+1}|| = ||p_{i+2} - p_{i+3}|-|p_{i+1} - p_{i+2}|| + O(1)$$
But,
$$ \implies 1 + O(1) = ||p_{i+2} - p_{i+3}|-|p_{i+1} - p_{i+2}|| $$
Conclusion
We notice the following pattern emerging:
Generation 1:
$$ \frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} = (1+ x) $$
Generation 2:
$$ \frac{\frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} + \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} -2}{x^{|p_{i} - p_{i+1}| +O(1)}} = 1+ x$$
Generation 3:
$$ \implies \frac{\frac{\frac{x^{p_i} + x^{p_{i+1}}}{x^{p_i}} + \frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} -2}{x^{|p_{i} - p_{i+1}| +O(1)}} + \frac{\frac{x^{p_{i+1}} + x^{p_{i+2}}}{x^{p_{i+1}}} + \frac{x^{p_{i+2}} + x^{p_{i+3}}}{x^{p_{i+2}}} -2}{x^{|p_{i+1} - p_{i+2}| +O(2)}} - 2}{x^{||p_{i+1} - p_{i+2}|-|p_i - p_{i+1}||+O(1)}}= 1+x$$
Generation 4:
$$\vdots$$
Question
Does this already exist? Can any sort of distribution be obtained by this formulation of Gilbreath's conjecture? How does that distribution compare with Prime Number Theorem?


There is practically no useful information about the sequence $p_n$ that can be deduced from the statement of Gilbreath's conjecture. Note that the sequence of powers of $2$ also has the same column of $1$s in its table of absolute differences. So does the sequence consisting of $2$ followed by all odd integers greater than $2$.
Any property that holds as a result of this arcane analysis must also hold for sequences as dense as $2n$ and as sparse as $2^n$. It would therefore have essentially no overlap with the Prime Number Theorem, which is purely about the density of primes.