Its all a bit complicated.
The jihad movement in general was supported by the Saudis and tolerated by us as a hammer against the Soviets. They along with the Turks fed the chechen rebellion. Bin Ladin’s dream was a caliphate made up of the central asian republics, and was training jihadis from the ‘Stans (and everywhere else too). The Soviet Union fell apart, but in the early days after its collapse it was uncertain if it would re-constitute itself. A saudi-influenced caliphate in the former soviet ‘Stans didn’t sound like much of a threat to us. It seemed like a way to make sure the Soviet Union never rebuilt itself. Under Saudi influence, we could assume it would be friendly to the US.
But Bin Ladin’s inner circle was Egyptian Islamic Jihad, which is to say, Zawahiri and his crew. They were on Saddam’s payroll. Which is to say that Bin Ladin was recruited by a Saddamist group which then surrounded him and were his closest advisors. So the idea, repeated ad nauseum that Bin Ladin had nothing to do with Saddam was never true, and the truth hid in plain sight. Just no one wanted to see it.
So you have a movement supported and financed by the Saudis, and with Saddamists at the head of it. So while the whole “caliphate” conspiracy was no doubt Saudi, the 911 attack itself was (I believe) no doubt Saddam’s baby. He announced a false flag attack on the US to his commanders a couple of weeks before the attack, and there is no doubt in my mind that this is what he referred to. But the warm bodies who carried out the attack were Saudis, and some of their costs were picked up by the Saudi royals.
So its complicated. For whatever reason we never connected Saddam to 911 publicly, but we made sure he hanged. We also avoided connecting the Saudi royals to it, though up until 911 they were hip deep in the jihad movement. Bin Ladin’s movement served Saudi interests but weren’t above free-lancing for Saddam (I believe).
Interesting theory -- which explains a lot.
Add this: The anthrax attack. As you know, Iraq was one of the few countries with the ability to weaponize anthrax spores. Plus, the Director of Czech Intelligence swears that they have video of the Iraqi Ambassador handing Mohammed Atta a "Thermos" of something -- at a time when Atta was thought to be in Prague. He has never disavowed this. Recall also that Woodward reported that Dick Cheney told him a.) we pretty much knew where the anthrax came from, but b.) there wasn't much we could do about it at the time.
Bolsters your theory all around...