I feel there is a lot to be explained in the movie to come, but I do like your explanation. Will may be a touch dense at times, but he's never been a total idiot. He would know Elizabeth better than anyone else, and with his sense of honour, I think you captured that well.
Author's response
Thank you so much! I think Will does know her very well--better than he'd probably like when it comes to her confusion with Jack. Thanks for the review!!!