Definitely an interesting theory. Here's a chapter with some key points to support some of the ideas:
Tower of God - [Season 2] Ep. 240
What do you desire? Money and wealth? Honor and pride? Authority and power? Revenge? Or something that transcends them all? Whatever you desire—it's here.www.webtoons.com
I know the story claims V committed suicide, but the message and decision to take himself out feels sketchy to me. I could definitely picture Arlene escaping the tower and having her portion of the key and whatever was left of V stored in the vessel (aka Baam). I think the Key bit might explain why Baam can just break spells and curses like it's nothing (making its power literally to unlock those spells/curses).
Semi-related, Luslec and Arlene both have Grace in their names and specialize in spells. So I think it's a good bet they're related, maybe siblings. I remember having a theory about Luslec's eyes, but I have to revisit his references and appearances to recall what it was...
I think Phantaminum was the God she met outside the tower. Since he's an axis, he can dictate a story into a reality, which is where I think the prophecy about Baam comes from.
I differ with you on Wangnan theory. I think Zahard tried to make copies of himself through the Workshop and considered it a failure. It seems like the Captain character looks like them too, and it'd be funny if Karaka does beneath the armor.
breh. rereading this chapter after forever.... it just clicked with me that Arlene goes on about the stars and the sky
first thing we see rachel talking about is the stars and the sky..... and the tower.
You may be right about the workshop angle. Actually the workshop may have the way outside.
You may be on to something about Phantaminium. But I think that God is somebody we haven't seen. I think Phanta and Enryu.... I dunno what to think about them or Mazino, for that matter. None of them seem to have been there to smack around Jahard. Seems like they stopped just short of.
Unless Headon been trolling Jahard.