I also think it is important to note that the Communist powers in Ethiopia are unlikely to have allowed a relic of this type remain undisturbed.
The most likely explanations for the fate of the Ark are that it was taken by one of the powers that invaded Israel, or it was hidden by the Temple priests.
See #25. The ancient myth needs some adjustment, but a probable case can be built that the myth is based on a simplification of the historical time line.
The argument you set out is not the best analysis.
Hancock's book sets out a very credible path by which the Ark moved from the Temple to Ethopia. There is considerable correspondence from the priests at the temple built at Elephantine Island to the captives in Babylon which has recently be discovered and translated. There is also surviving evidence in Ethopia on the islands in Lake Tana.
The copies do not purport to be copies of the Ark itself but rather of the tablets on which the law is engraved.
"there is more evidence Sheba was on the Arabian Peninsula."
Sheba is located in what is now known as Yemen near the town of Marib which is about 50 miles from the border with Saudi Arabia.
Remnants of the temple of Sheba are still standing on the road which leads from Marib to the oil refinery.
But...but..but...I saw it on a TV show - it has to be true!
"The most likely explanations for the fate of the Ark are that it was taken by one of the powers that invaded Israel, or it was hidden by the Temple priests."
I believe that if the Ark actually was what it is purported to be then whoever was charged with protecting it DID SO and it is still around somewhere.
The most likely explanation is that the gold was stripped and the wood burned in the course of one conquest or another.