The hypothesis requires a belief in the existence of the sort of duplicitious masterminds that I just find a bit too hard to swallow (it's a bit too much 'conspiracy hypothesis' for my tastes)....
The Romans were a smart people. When you look at their technology, it often astounds me the things they invented in the ancient world. Inventing a religion isn't a stretch. Their own mythologies were borrowed and somebody adapted them for the Romans. You've gotta believe somebody knew they were spinning fables. And quite probably they were used to keep the masses happy.
And we have (fairly) modern day examples of religions being invented. Take Joseph Smith and Mormonism. Or L Ron Hubbard and Scientology. Not to mention many other cults and sects.
Covert operations do happen. The aid to Afghanistan was one example. The histories of the CIA and KGB are filled with covert operations. And propaganda. It's hard to find a government that doesn't use propagnda in some form, especially towards enemies. Some people feel the old testament is a work of Jewish propaganda to support their claims for territory.
And sometimes these things do grow beyond their original scope and take on new life.
The probblem I have with the contrived conspiracy is this. If it were plotted and planned, why is it such a mess? The Gospels don't agree with each other. They have different tones, different things occurred different ways. Unless the tales were started orally and then written down later, after already having drifted from retelling.