I've seen obvious knockoffs of reality and other pseudoautobiographical material done well. There's lots of those. But explicitly having the characters talking to the author, without any pretense, tends strongly towards ham-fistedness. And having the characters inside any other form of nested reality would simply be bizarre.

It's still a fun theory, but I will be greatly surprised to see it, largely because I don't think it can be made good enough to make EY think it's worth printing. Maybe a standalone story with that premise, but not as a tacked-on bit at the end.