It could be, but then why doesn't she tell Lena way before?. It's easier to mess a relationship in the early stages than when it's more consolidated. I think that Ivy's intentions are the harder to know for sure in the game, there might be something of what you say in her relationship with Lena but it's probably more complex than just that. My bet is a different conspiracy, I think she had an agreement with Axel to help him getting another chance with Lena in exchange of Axel helping her with the Wildcats gig. She might have fucked Axel as she feels he didn't deliver on their agreement even if you are playing a Lena who has no contact with Axel at all. She could have told Lena about Ian and Cindy just to potentially cause trouble for Cindy (who "stole" her opportunity), the same way she tells Ian about the rumours (probably initiated by herself) of Cindy and Axel fucking in order to get more info out of Ian and also possibly cause trouble for Cindy too.
Her first priority is clearly herself and she's very manipulative and seems to enjoy "corrupting" others to behave like herself. If she's in love with Lena, it's a twisted love and just part of a more complex set of feelings than just having a crush since their highschool years. I think we will clearly see that during Billy's event where she will probably push Lena to take drugs and just fuck whoever is necessary to advance their careers. Her flirting with Ian I think it might be a genuine attraction to a chad Ian, which doesn't mean that she wouldn't use him for her own purposes if she sees an angle.
Ok quite a few things here:
- In my hypothesis (again I am NOT saying this is for certain, it is just one possibility I can see and I would definitely NOT bet money on it), she doesn't tell Lena before because she wanted to be certain Ian and Lena were a serious thing.
- As far as your conspiracy is concerned (we are all getting "weird"), I have another conspiracy blending both our conspiracies: depending upon our choices, it could be that BOTH theories will be available in the future. For example, if you have chosen the least friendly choices with Ivy, your theory will apply. If we choose the exact opposite options, my theory will apply. It might give ideas to EK and her writer's block.
- Re. Billy's enterprise: I am quite sure it will turn out to be a porn movie production, and Lena will have the option to go into porn with Ivy or decline.
- What you say about Ivy's attraction to Chad Ian makes sense, however one fact goes in my theory's direction: even if Lena cheats on Ian and that Ivy has texted a few moments ago to Lena she could get a hotter guy than Ian anytime she wants, she STILL flirts with him...........