I don’t necessarily disagree with the theory you outlined. My disagreement is towards the wording of the part where one may assume a memory is being forever altered or modified and I don’t think that’s how our brains handles storage.

The theory of events being encompassed by a structure similar to many mesh networks of memories and where order of hierarchy rearranges but the previous order may be recalled is what I assume to be more realistic. Basically the sectors may either have more or less frequency of being recalled; by whatever may increase or decrease the likelihood.