While i see this theory as coherent, i can't see it as the way aonuma sees the zelda timeline.
If Aonuma had introduced the split with
TP, then i'll agree with this theory but he hasn't.
The split has been introduced in
TWW.
If this theory is true, then, back in 2002, Aonuma chose to split in two dimentions:
one with
OOT >
MM
and one with
OOT >
TWW >
ALTTP >...
Unless he has the whole
TP storyline in his head back there, what would be the point ?
MM doesn't even affect the timeline, there's no need to put it in a parallel universe.
However, the split would have been a good way to isolate
TWW from
ALTTP.
PS : sorry for my english, im not a native english speaker.