Certainly worth experimenting with. Not all event data is desirable to be so easily linkable - p2p could help. But maybe event another sister protocol would be ideal using privacy preserving tech like mixing, etc.

One downside could be that if you pay a relay to persist your data, and they can’t easily identify or link data back to your pubkey, they can’t know to persist it.

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A 1000 items list is about ~65kB (64 bytes + 1 byte separator), let's double it for the encryption layers and sum up to 150kB adding some other config data.

With 124GB we accommodate 1M users, that pessimistically could read+write 1-2 times a day to do automatic backups; 2M operations are 22req/sec (11 read + 11 write), perhaps doable on a low/middle range VPS that can survive by anonymous donations.