It would surprise me if HPPD could be reduced to one or two neurotransmitter systems, however straightforward you consider SE psychedelic action to be. Not only the relatively 'normal' response of people with HPPD to psychedelics (apart from their probable liability to worsen their case of HPPD) suggests a more pervasive problem but also the fact that other drugs like (most of all perhaps) cannabis can be detrimental in a case of HPPD.
If HPPD is a pervasive problem with proper integration of visual processing without any kind of noise in the system due to improper feedback in the signal cascades, then the relatively normal reaction to psychedelics is consistent as well as the supposition that basically any visually active drug can ultimately play a role in HPPD if that activity becomes engrained in the wetware. It also means that it's much more difficult to target and counter or mask with medication, and that most of all the advice typically given now is sound: to avoid taking psychedelic / hallucinogenic / any visually active drug.
The reason being that this is basically the only way for such a pervasive problem to heal: the balance needs to restore naturally.
If you want to investigate therapeutic possibilities for HPPD, I would personally check the effectivity of 'pervasively acting' neurogenic drugs i.e. in the category nootropics those that increase neuroplasticity. Maybe not enough is understood about the promise or risk of using nootropics that way since neuroplasticity or neurogenesis isn't a simple 'the more the better' matter, of course. But I personally would not be surprised if that particular potential while in itself neutral, depends on what you do with it much like a psychedelic.
If you take nootropics and combine it with very unhealthy practices, do negative changes to your brain and mind happen more rapidly than without such nootropics? In any case, if you rest well and capitolize on your recovery, I'd be interested in if they could speed it up, like some other forms of recovery from brain injury.
All of that would also be consistent with the idea of adaptogenics, although I really wonder if adaptogenics don't just have the exact same caveat that you shouldn't combine them with behaviors that may make your case worse at a higher rate.
^^
Good that you mention glutamate and NMDA!

I forgot to add in my reply that I am also reminded of how nootropics apparently remedy or reverse effects from dissociatives.
Sorry, I am not versed in advanced neurochemistry to more deeply consider your proposal.
Who knows, maybe one can 'break down' that pervasive disorder of HPPD into a few correlates of those 'improper feedback loops' in visual processing, one component being like the one you propose.