Yes, that works

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Then just traverse the events for the latest and greatest key. It means that you need to be super-careful about your recovery key because then you are really screwed.

Yes, but in such a framework, where you can traverse the events, there can be more than one recovery strategy. The important thing is the open framework that lets you verify and prove a chain of events. The mechanism (which is what people are focusing on right now) of recovery key does not need to be set in stone. For example master key and subkeys like GPG uses, can fit in the same framework. The harder part is getting people to agree.

Agree. It’s all about a verifiable chain of events. I am also wondering if you could put in the event a nip05 name that could serve as a recovery service?

We could generalize this as a set of linked recovery events, each having their own recovery proof method.

Yes, or more generally a chain of provable events, where recovery is one use case.

Absolutely, yes. Or email, SMS etc.