Space is a substance - I can't imagine it any different due to existence of gravitational waves. If something vibrates it's substantial.
My logic skills are good enough to predict down-voting of my little story ;) Anyway, I think logically it is quite coherent.
It might make for some decent sci-fi, but don't confuse a cool story with understanding.
I would rather claim that due to epistemological reasons we cannot "understand" reality. And i think that "The problem with having "opinions" about reality is that reality doesn't care what your opinion is, at all." - is a great example of opinion (in my opinion) :)
Speaking of opinions in the context of reality implies that all (or at least most) alternatives are somehow equally valid, which is plainly not true. A justified belief is better than an unjustified one.
You have opinions about food. You may have opinions about what scientific hypotheses are well-justified and which aren't. You can't have opinions about how reality is.
You made a claim that black holes emit space. To justify it, you would have to come up with a model that incorporates this mechanism and then see if that model agrees with known facts before it has any practical value. If you have no such model, please at least go a bit further and explore the implications of your thought experiment.
As for epistemological reasons why understanding reality is impossible, that's just meaningless wordplay. For any practical definition of "understanding reality", it should be self-evident why opinions are irrelevant: reality is not going to just change itself to accommodate your thoughts.
I think it's important to pay attention to how you communicate your ideas, because it's very easy to make completely baseless conjecture sound convincing to yourself, let alone other people, if you're not careful.