Dear Dipak,
I have just read your pretty Essay as I promised you in my Essay page. Here are my comments/questions.
1) I think that your statements "The digits or quanta are basic tools (or messages) in any digital observations. Those digits or quanta cannot emit from a non-digital or analog origins" are at the foundation of my solution of the black hole information paradox.
2) Your statement that "we can consider that the digital observers (like us) have a natural limit to detect the nature non-digitally, even if it would be non-digital anywhere in its deeper levels beyond that digital limit" is very interesting. In that case, we should always lose part of information arising from nature.
3) By using your statement "Inertial Motion - another 'bit'" and Einstein Equivalence Principle one gets that "Gravitational Motion is the same 'bit' ".
4) You re-introduce the concept of 'ether' as a concept of fundamental continuum in classical physics. What is the difference between 'ether' and 'non-void space'? Also, notice that a perfect void space is forbidden by uncertainty principle.
5) Is there any relation between your quantized time of eq. (19) and the Planck time?
6) Concerning your ideas in paragraph 5, you could be interested to the Theory of Extended Relativity by my friends Erasmo Recami and Robero Mignani.
I think that your final statement "if 'it from bit' then 'bit from it'" is compatible with my one "Information tells physics how to work. Physics tells information how to flow".
I find your Essay intriguing and I bit provocative. As I like people who "think outside the box" I am going to give you an high rate.
Cheers,
Ch.