I think you're correct in that our main point of contention is in your #3. You say the effect that reduced the target's maximum hit points "is still working", but that doesn't seem right to me. In #1, you correctly identify the effect as reducing the target's hit point maximum by the amount of the necrotic damage taken, but once it has reduced the target's hit point maximum, the effect's work is done. It doesn't keep reducing the target's hit point maximum, so I don't see how it can be said that it's "still working".
I also don't understand why the target's maximum hit points being set at 0 would pose any hindrance to it being raised. The healing effect of a spell like revivify isn't a prerequisite to its effect that restores the target to life, so the spell should bring the target back to life with 0 hit points, and the 1 hit point of healing provided by the spell would simply be lost.
I agree. There is no "reduced maximum hp". It's "The[FONT="] target dies if this effect reduces its hit point maximum to 0". Dying is a direct result of the event of being reduced to 0 with no reason to indicate it's an ongoing effect any more than any other reason a creature could die.
But it's pointless to argue any more, apparently this cause and effect relationship is somehow different and permanent and anybody who disagrees is just a rules lawyer.[/FONT]