This theory was borne from piggybacking off of a post of a slightly different nature, in the forums by locke's disciple (this leads to the spoiler section of the forums so be forewarned) http://forum.spoilertv.co.uk/viewtopic.php?f=4&t=17780
This is very fascinating stuff and I am completely drawn in by your proposition. I think it's entirely possible. Albeit, it won't be delved into such detail in the show, but the concept could easily, easily be shown to come across as plausible within the unique set of circumstances of the show.
You gave me a thought as well, but I'll ponder more one what you guys have said: So since the Island sank in the ALT, its influence is presumably minimal or even nonexistent, regardless of the existence of Jacob. Now, speaking of MIB...we now know he is only able to use Locke's form or smoke form. What if the ALT, with the absence of the Island, is a reality or period of time in which, free of the Island's hold, MIB (stuck in Locke's form for good) is in this setting trying to redeem himself, and feel at home? What I mean is, what if he has taken Locke's form, still has his memories and everything, and due to events that will transpire before the end of the show, is now making a genuine attempt to be on a righteous path that is devoid of his less-than-kosher ambitions? Of course, something may come along, which I think it is (whether this is true or not), that is going to drive things awry, culminating in whatever happens in the finale. So in essence Flocke did escape the Is! land, whatever sank it happened, he was doing his best to live at his home (Helen, Cooper, Jack telling him nothing is irreversible) but he ultimately must pay for breaking the rules, which we still have to figure out.
Whoever the Candidate turns out to be might be tasked with bringing him to another prison, and when successful, is killed in the process. He could also have enlisted help (the other Candidates), and that would make it about the A-team as well, leading to a tie-up of everyone's journeys and their destinies, if they were indeed destinies. I won't go into all of the purposes of specific people like Desmond Juliet and Dogen etc. etc.
Except for maybe Locke's destiny of dying in order to be the vessel that MIB uses to do this, and in turn Locke's destiny is to be the ultimate sacrifice by being, himself, a trap for the smoke monster. It kind of fits with everything Flocke said to Ben in the statue, about Locke not wanting to leave.
My thoughts are getting jumbled and this might be sounding really crazy right about now, but I don't think I've heard anyone propose this before, so I am writing it down just in case we can have something to go off of going into the final stretch of the series. Plus, this doesn't fully explain Damon's cryptic one word clue to the finale: "W-----." I do think some parts of this will turn out to be right, though, like one of our Losties being the keeper of the short-fused and devious smoke monster.
P.S. The smoke monster's mechanical sounds in particular, could be more like "echoes" that we just happen to hear during certain actions, and we'll find out about those sounds in the finale maybe. I've been deeply fascinated by these sounds since the Pilot, and have always known that they "echo" sounds that we hear drawn from other Lostie's lives (Sayid hammering the house in Santo Domingo, the drill at the Swan construction site, the clicking from Locke's calculator [obviously much more significant now], the warble we hear when Miles uses his speaking-to-the-dead ability, the reversed glass sound, the ringing note that is one of the smoke monster's two roars, on and on). Again, the electromagnetism is still plausible, just to note.
The Island, as Locke's Disciple said, is a prison for MIB's misdeeds, and it being underwater, well, we'll see. Hope I'm not too off base here. If I went on ridiculous tangents that just proves this is the best show I've ever seen.