"And some *very* interesting speculation that the 'parting of the Red Sea' actually refers to the 'sea of reeds' area on the coast, and the 'parting' refers to the tidal wave that came after the eruption (the water receeds before a tidal wave comes in)." I like that theory. However, I like Howard Blum's theory better. In his book, The Gold Of Exodus, he claims that the Israelites crossed the mouth of the Gulf Of Aqaba and that the real Mt. Sinai is actually in Saudi Arabia. (This is presently my favorite theory.)
I believe that the Gulf of Aqaba is the Eastern finger - the Sea of Reeds was the Gulf of Suez - the Western finger of the Red Sea. That is still consistant with your theory.