Dear Don,
I enjoyed reading your essay. You mentioned Wheeler's assuption of continuity. My opinion is that he used continuity when he couldn't find clearer ways to explain ideas. But his "it from bit", as described in "Information, Physics, Quantum The Search for Links" (1989) and in other articles, is fundamentally discrete, and it seems to me to be more close to your view of photon hoops. The difference seems to me to be that at Wheeler the observations (which are means to obtain the bits) are the "stops" of the photon, and not some points separated by the wavelength. Considering that the photons do the lambda-hopping, where are the "stops"? Are they the points of maximum? Are they points where the phase is 0? This works for real waves, but since photons are complex waves, it seems to me difficult to find a gauge invariant choice of the stops, but maybe you have such a choice, or maybe you adhere to a different description of photons than in QM.
Your proposal can, as you observed, be easily distingushed from QM by experiments. While QM was confirmed so far every time, it is not impossible that someday a new experiment invalidates it. One possible experiment to confirm your lambda-hopping proposal, for instance, is to send coherent light through a wall. It seems to me that it should pass through the wall, if the stops of the photon are not inside the wall.
You use at the beginning of the essay some philosophical ideas, mainly from Vedanta. The duality Nirguna Brahma / Saguna Brahma parallels that of unmanifested Tao / manifested Tao (a theme in my essay). Of course, nondualism is the answer to this koan.
Best regards,