Very interesting. I think i actually managed to keep up with this. Those paradoxes can really mess with a persons head. Nicely written even it it does not come to any clear conclusion-Keith Andrew

Your theory is quite intriguing, no doubt, but I don't entirely agree with every aspect as I understand it. Please realize that I may simply be misunderstanding certain ideas, and if that be the case, then I do apologize.
I don't really see the problem with the tie-in you mentioned to the first law of thermodynamics, that matter, like energy, can neither be created nor destroyed. Firstly, if one were to view time as a dimension, no different from height, width, and depth, then the transformation of a body from one point in time to another would not violate this law. Secondly, even if such translation would, in fact, be considered a violation, it could easily be remedied if the mass were transferred both ways, a sort of trade between points in time of the exact amount of mass.
Another issue I have is that your theory seems to assume that time is, in fact, linear. Though it has not, to my knowledge, been proven one way or another, there still exists the possibility that every possible event does, in fact, occur, resulting in what is classically termed "parallel dimensions." In that case, one would not be altering the past by traveling back to it. Rather, one would be merely following a different path through time, leaving behind the familiar one.
Lastly, I'm not sure that I understand the problem you're trying to describe in the "time loop" idea. If it were possible for one to "travel" through time, one would not simply be going back to a point already lived, and losing all memories that were gained past that point; such an event would hardly be traveling, I would think. Rather, it would be a resetting of the entire universe to a previous state. According to Einstein, time is actually quite relative, not at all the fixed entity that we often like to see it as, so I do not believe that such a rigid, all-encompassing traversal to a previous state would be necessary. I would very much like to discuss these and other ideas with you at a later date. Thanks!

my way to explain time travel is mathmatical: to travel back in time it requires absurd mathematics- since math is completely random and absurd, any number can equal anyting, is thus not controlled by any logical means, and can thus to create an infanite specralization field, an infinte field of everything ever. Around this time my brain hurt, so I stopped thinking.

I have seen your theory of looping time travel, with no escape done by two comedians. You have here facts at face value, and I suggest a little more meat on the burger. I myself think that time works in bubbles, created like black holes at the begining of the universe, and these bubbles overlay, these overlay points are gates of time travel, and are often discredited as natural phenominons.

I sincerely suggest you read "The Theory and Practice of Time Travel" by Larry Niven. It's an interesting look at the concept, even if it was originally written over 30 years ago.

this was a very interesting theory, i really enjoyed reading it. may i suggest two books? the universe in a nutshel and a brief history of time by Stephen Hawking. this answers most of your questions.