b. chastening (To correct by punishment or reproof)
There is no penal element in this word. The Bible also tells us that:
Although he was a son, he learned obedience through what he suffered. And being made perfect, he became the source of eternal salvation to all who obey him, being designated by God a high priest after the order of Melchizedek. - Hebrews 5:8-10
It wasn’t for His sins that Christ suffered. Christ never sinned. It was for ours. The Bible says He who knew no sin became sin. This is why Christ underwent the corrective wrath of God. The penalty He paid for our sins was death. Christ has removed the penal wrath of God from the elect. Those in the Lake of Fire undergo God’s corrective wrath but they refuse to listen and repent. This continues until they undergo the second death or annihilation of both body and soul.
“The source of eternal salvation to all who OBEY him”. This seems quite different from getting off the hook because “Christ paid the penalty for our sins” and “His life of perfect righteousness is rightly transferred to us.” (though the latter would be true if you mean that we thereby become practically righteous, but from all you have written, this seems not to be the case. You seem to believe only in a positional righteousness which has nothing to do with our obeying Him.) Please correct me if I have misunderstood you, but at least your emphasis seems to be on Christ doing everything for our salvation (from hell), and that this “salvation” has nothing to do with our own practical righteousness.
Jesus ended his “Sermon on the Mount” with the words:
*Not everyone who says to me, ‘Lord, Lord,’ will enter the kingdom of heaven, but the one who does the will of my Father who is in heaven. On that day many will say to me, ‘Lord, Lord, did we not prophesy in your name, and cast out demons in your name, and do many mighty works in your name?’ And then will I declare to them, ‘I never knew you; depart from me, you workers of lawlessness.’
Everyone then who hears these words of mine and does them will be like a wise man who built his house on the rock. And the rain fell, and the floods came, and the winds blew and beat on that house, but it did not fall, because it had been founded on the rock. And everyone who hears these words of mine and does not do them will be like a foolish man who built his house on the sand. And the rain fell, and the floods came, and the winds blew and beat against that house, and it fell, and great was the fall of it.” (Matt. 7:21-17)*
So it seem clear that what we do has everything to do with being right with the Lord, and enjoying everlasting life with Him. The apostle Paul put it this way:
*For He will render to everyone according to his works.
To those who by perseverance in well-doing seek for glory and honour and immortality,
He will give eternal life, but for those who are self-seeking and are not persuaded by the truth,
but are persuaded by unrighteousness, there will be wrath and fury.
Affliction and anguish for every person who does evil, but glory and honour and well-being for
every one who does good… for God shows no partiality. (Romans 2:6-10)*
