'Fraid I still don't buy it. The tower to the Heavens part anyway, I do agree on the overall theme of the game though.
I don't want to get into it, because the theory is based on so much interpretation without conclusive proof that any rebuttal won't be conclusive either. But I will say that Twinmold's realm is more likely to be a pocket dimension created solely for housing Twinmold rather than hell or where Majora's Mask was found. You've just ran with the possiblity because it can't necessarily be disproven.
Same goes for the gargoyles with the Triforce. It could have been intended as a sign of respect for all we know, it all depends on how we interpret it.
As for the towers, well it could easily hace been for the hell of it. Or they just never saw what it could be interpreted as, it's all completely possible so that alone means that this theory is the only conclusion.
The whole thing may be possible, sure. But it doesn't seem likely or intended to me, considering how vague the clues that lead you to this conclusion are.

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Memories of the world
before the fall remain...
But the light of dawn doth never change,
nor e'er the hearts of men...