Yeah, my proposed analysis doesn't fit the actual wording of 705.12(D)(2)(3). Yet moving one breaker into its own enclosure without changing the connectivity graph would fit the actual wording.
As a mathematician, it seems to me that 705.12(D)(2)(3) should be rewritten along the following lines:
Every connection to the busbar of a panel board is categorized as a source only (starting at the panelboard, no loads downstream of that connection), a sink only (no sources downstream of that connection), or a combined source/sink. Sinks are assigned the value of the first downstream breaker, and sources are assigned the lesser value of the breaker protecting the connection or 125% of the source output current. Then 705.12(D)(2)(3)(a) and (c) can be combined as:
(a) All possible combinations of treating each combined source/sink as either a source or a sink shall be considered, and for each combination either (i) the sum of all sources or (ii) the sum of all sinks shall be less than or equal to the busbar rating. [Or in negative language, there is no division of the combined source/sinks into sources and sinks such that the sum of all the sources and the sum of all the sinks both exceed the rating of the busbar.]
Then (b) can rephrased as:
(b) All possible sources are connected at the ends of the busbars, the sum of the sources at one end does not exceed the busbar rating, and the sum of all the sources does not exceed 120% of the busbar rating.
I'm not sure if (a) can be expressed simply enough for inclusion into the NEC, I don't think I did a great job at that myself.
Cheers, Wayne