@Coreyartus I like a good soapbox pontification!
Thanks for bringing this into such clear context. When I was listening to the podcast, I was thinking of the list in terms of comics and graphic novels (because that's what I think I want to do with my writing and illustration). I'm a writer first, and have studied Blake Snyder, Joseph Campbell, etc. so I'm definitely coming at this question with a bit of a bias.
That being said, I definitely have a hard time enjoying a comic as a reader if I don't love the art. Conversely, I've also found that no matter how good the art is, if the writing is bad, the turd won't polish, so to speak.
While listening I jotted down the elements and their original order, then tried to think of where I could move spectacle up to. I found I couldn't budge it up the ladder past even dialogue (music, of course, is a non-entity in print).
I think from a reader's perspective, the list of elements are less hierarchical, and more like nodes in a geodesic structure - each one as important as the next. But from a creator's perspective, I take Aristotle's order as gospel in terms of what you need to have nailed down before you can move to the next bit.
Last minute thought: In illustrated texts, music could be translated as "atmosphere" in the art. The mood of a panel/page.