Now we know "Digital Discord" is not the end of the first act, since three more track titles were published, but we know for sure that there will be a "Moment of Betrayal". So, "A Tempting Offer" might definitely be related to this treason.
If I may expand on your theory:
The X Aspect - Chosen One sees new possibilities in joining the GNE & becomes corrupt with power, just as the previous ruler had.
A New Beginning - Ravenskill carries on with a new Chosen One, who ends up failing to live up to the efforts of the previous one, meanwhile GNE carries on a new beginning in tactics with their newfound ally.
The Road To Revolution - Ravenskill & GNE prepare to go to war with each other, Ravenskill frustrated with their former efforts failing.
2285 Entr'acte - Battle is played out in instrumentals (like By-Tor & The Snow Dog).
Moment Of Betrayal - Just as the Rebel Militia are about to lose, a member [probably the ruler] of the GNE attempts to murder the Chosen One in fear that he may have never been on their side in the first place &/or may change sides again. He is saved however by one of his former friends in Ravenskill.
Heaven's Cove - The Chosen One & his old friend exchange dialogue about the former events in a place they used to go as children (before either of these factions had formed). The Chosen One eventually makes some important decision about something that ends up happening later [though that we don't know yet].