"While Centrepetal force pulls it in a circle...Centrifugal force changes the length of this string..."
Centripetal force acts on the rock. Centrifugal force acts on the string. For other contributors, remember that these words aren't magic. Centrifugal=away from the centre. Centripetal=toward the centre.
I can't argue beyond this explanation. In the case of the TGM model the string length (radius) is from shoulder the clubhead and it lengthens dramatically from start down to impact. Like a flail with the wrist as the thong.
Is this close to correct? No physics degree over here,,
Yes. The flail model is an essential element of any model of the golf swing. I hope to move on to discussion of the flail and the throw out effect fairly shortly. The only unresolved issue I see with the stone and the rock is the "frame of reference" problem yoda raised. After that it's full steam ahead.