With all due respect, although I very much agree with your individual points, I don't believe it's appropriate to apply them to the issue of the term femboy. Of course there is a huge variety of transfeminine expression, and of course our respect for various TMA trans people should not be contingent on them becoming "real" women someday.
The issue with the term "femboy," however, is a very different matter. Its roots are objectively of a porn category directed at a TME (mostly cis male) audience depicting transfeminized sex objects—recognizably transfem but still fundamentally regarded as their AGAB. It is directly descended from terms like "shemale" and "trap." Now, some TMA people may nevertheless find it enticing. Before I transitioned and back before I had my present understanding of the term, there was something compelling in femboys' transfemininity to me, and I'm not going to innately hold it against other TMA people who do or did feel similarly. However, that does not mean that we can exempt ourselves from the history of that term. Can transfems reclaim it? Arguably, sure, but that must be a proper act of reclamation. TME people should not be touching the word with a 10-foot pole. It is not theirs to reclaim.
Many transfems have talked at length about how they've been victimized by the word "femboy," and it is not a secret that femboys, for whatever pushback they receive, are generally treated significantly better than trans women. If there is to be a discussion around the reclamation of the word "femboy," it must acknowledge the real history and baggage of the term. It must also be led only by TMA people. I'm not saying it can never be reclaimed, nor am I saying that there is a specific way in which transfems must present in order to be worthy of respect. But we must be critical of the language we use, or else we risk veering into though-terminating "let people enjoy things" territory.
