There are too many conditions in these theories which are based solely on Watchtower theology to be acceptable to Christianity.
The original meaning of "only begotten Son" in Christianity is based on both the Semitic idiom of "son" and that used by ancient Hellenistic Roman society. Remember the "sons of thunder" of Mark 3.17? They weren't the literal male offspring of thunder. Luke 10.16's "son of peace" is not the male offspring of the absence of war. And Judas Iscariot was not the male offspring of perdition merely because Jesus called him "the son of destruction" at John 17.12.
No, a "son of thunder" is a thunderous or boisterous person, a "son of peace" is a peaceful soul and Judas met his own destruction or was destroyed. This term "son," except when used in genealogies and the like, means to be "one and the same with," or the personification of the subject.
Jesus being the "Son of God" as written in the Gospels meant in the eyes of early Christians that he was an incarnation of YHWH (though the Trinitatrian formula was still absent until at least a century later). It doesn't mean that he was literally begotten anymore than kings in David's line were literally begotten by God even though they are said to be such as at Psalm 2. The term "only begotten Son" meant that Jesus was viewed as the incarnation of YHWH, the "only" one anointed or selected to act as such a physical representation.
The JW description is primitive and has no connection to the etymology of the past. It reads the texts as if the English meaning behind words is the primary reading.
The "Son of God" cannot be a created being by definition, which is why the Nicene Creed states that Jesus is "begotten not made." (Again compare how God begets a king in David's line on the day of that king's anointing, not the day of his birth at Psalm 2.) To "beget" a king meant the day God set him on his throne or even the day he was anointed or appointed to be such a king representative of God. It never meant God directly created the ruling king.
As a Jew I don't believe in the whole Jesus or Trinity thing, but I do know the doctrine that I reject very well. I also know that the early Christians never meant to go against the principles of Shema in their theology of Jesus as "Son of God." Instead they intended that this contact with Jesus was a manifestation that required an epiphany on behalf of the believer, an epiphany like Doubting Thomas had that the one Christians were identifying as Messiah was also the God of the Shema.
As such there was no creation of a literal offspring of God to be born as a human to be Messiah. On the contrary, the Trinity doctrine was developed to explain how a God that transcends time and space could enter history while at the same time transcending it, die while at the same time remain undying, be seen while at the same time not being able to be seen.
To introduce a literal second individual who is not this same God as do the JWs would make producing the Trintiy doctrine unnecessary. But the fact that there is such a doctrine demonstrates the problems that arose when the acts attributed to Jesus of Nazareth could in no way be attributed to a mere mortal without defying Shema, something that Christians knew could never be done. The Trintiy was their solution.