It's a fun theory, but I don't think it is in any way what the filmmakers were going for. If you look at the mythology surrounding the film, it has no legs whatsoever.
"Their tapes, film reels, and cameras, along with Donahue's journal, were discovered a year later by a University of Maryland anthropology class on a trip to the area, buried beneath the foundation of a hundred-year-old house. Forensic examination of the site indicated that the soil and rocks above and around the site of the discovery had not been disturbed previously, making the equipment an out-of-place artifact whose presence at the site could not be explained by conventional scientific and forensic knowledge."
If Mike and Josh were the killers, how did that bag get there? There's nothing to suggest that Josh or Mike were forensics prodigies, or nothing to suggest they even studied it. They were both film guys.
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