Excellent write up!
I won’t pretend to understand everything, but what I do get from it is that miner revenue determines miner incentives.
Since miner economics matter, long term transition from subsidy to fees deserves careful analysis rather than being dismissed as already ‘solved’ by Bitcoin’s perfect design.
So far I’ve only seen one viable solution to Bitcoin’s security budget issue and that’s a second subsidy (unless you want to increase supply, tax holders, steal Satoshi’s coins or fork it making it something it’s not). I wrote an article on this subject here