As per Context:
Point No. 1) None indication of “chosen ones’
Here in the context, we have no reference point of ‘chosen one’ but rather the scriptures saith ‘who were dead in trespasses and sin’. Exactly what Paul wrote in the book of Romans 3:23 “For all have sinned…” and actually there’s no difference at all between the Jews and Gentile “…for we have been proved both Jews and Gentiles, that they are all under sin; As it is written, There is none righteous, no, not one.” Romans 3:9-10.
Point No. 2 ) “GRACE” is not the subject.
The subject matter in Ephesians 2 is about SALVATION and how can one receive it. Verses 1-3 spoke of the reality of human nature, specifically the Ephesian believers of their “time past” (v3), following verses 4-5 speaks of God’s love and mercy and grace are the basis of obtaining ‘salvation through Christ.” For love is of God, mercy and grace as well through Christ. Romans 6:23 says the Gift of God is salvation.
Point No. 3 No impartation of faith being spoken.
Faith in here is not being referenced to the Gift of God. Faith is the medium of obtaining salvation as it comes by the hearing of the word of God. (Romans 10:17). Romans 4:5 speaks well of Abraham's faith as “his faith”.
I am not going to fully reply to this because I have already made many more points on the subject of faith, salvation regeneration and conversion, as they relate to being born again.
If you are really interested, then I would suggest you look them up.
However I will briefly state on your points:
1 ) Chosen ones are herein implied. Who was the letter written too? Believers in Ephesus, not the lost. Therefore, who are the "WE" and "US" of these verses? The active believers in Ephesus and by association - God's Elect. A few verses follow on Election:
Mat_24:22 And except those days had been shortened, no flesh would have been saved: but for the elect's sake those days shall be shortened.
Mat_24:24 For there shall arise false Christs, and false prophets, and shall show great signs and wonders; so as to lead astray, if possible, even the elect.
Mat_24:31 And he shall send forth his angels with a great sound of a trumpet, and they shall gather together his elect from the four winds, from one end of heaven to the other.
Luk_18:7 And shall not God avenge his elect, that cry to him day and night, and yet he is longsuffering over them?
Rom_8:33 Who shall lay anything to the charge of God's elect? It is God that is justifying;
1Th_1:4 knowing, brethren beloved of God, your election,
2Pe_1:10 Wherefore, brethren, give the more diligence to make your calling and election sure: for if ye do these things, ye shall never stumble:
2 ) Grace is certainly the subject because grace and salvation are heavily intertwined. No grace -- no salvation. The bestowal of Grace is salvation.
Rom 1:5 By whom we have received grace and apostleship, for obedience to the faith among all nations, for his name:
Rom 1:6 Among whom are ye also the called of Jesus Christ:
Rom_3:24 being justified freely by his grace through the redemption that is in Christ Jesus:
Rom_5:21 that, as sin reigned in death, even so might grace reign through righteousness unto eternal life through Jesus Christ our Lord.
Rom_11:5 Even so then at this present time also there is a remnant according to the election of grace.
Rom_11:6 But if it is by grace, it is no more of works: otherwise grace is no more grace.
3 ) This part of your reply contains a well known prooftext for those who believe in this Doctrine.
You posted: Faith in here is not being referenced to the Gift of God. Faith is the medium of obtaining salvation
as it comes by the hearing of the word of God. (Romans 10:17)
This verse is used by those who believe in "Gospel Regeneration" and not that "Regeneration" is the secret work of the Holy Spirit. (John 3:3-10) One could spend several posts on proving how the Gospel regenerists are wrong in this view, which I will not do. let's just say, that ones "Conversion" comes through the vehicle of faith and putting ones trust on God and His Truth. This faith is increased the more one is exposed to the Truth.
However, one must first possess a "fleshy heart" (The new heart given in regeneration which brings that one from death to life. It also gives that one seeing eyes and hearing ears.) This is the new birth - it will happen in time to every person that was elected in eternity. Election guaranteed this and the new birth applies the "Positional sanctification" of that one before God. The assurance of Salvation.
Let's look closely at this portion of Scripture:
Paul previously had made the distinction between Israel (Rom 9:6), that not all of Israel was Israel. He therefore made the distinction between "National Israel" (Physical) and Elect Israel (spiritual), the true seed of Abraham. He furthers his point by showing that the physical Israel could not hear the message because they were not Israel, the true seed of Abraham.
Rom 10:13 For whosoever shall call upon the name of the Lord shall be saved.
But who are these people that will call upon the Lord?
Rom 10:14 How then shall they call on him in whom they have not believed? and how shall they believe in him of whom they have not heard? and how shall they hear without a preacher?
Rom 10:15 And how shall they preach, except they be sent? as it is written, How beautiful are the feet of them that preach the gospel of peace, and bring glad tidings of good things!
Rom 10:16 But they have not all obeyed the gospel. For Esaias said, Lord, who hath believed our report?
Why did they not believe. They were in the presents of the Gospel like those who did believe? This verse alone shoots down the idea of "Gospel Regeneration". They did not believe because they could not hear. Having not the new birth, they did not possess hearing ears and a discerning mind, (1 Cor. 2:12-14). They still possessed that ole' heart of stone and were still darkness.
Rom 10:17 So then faith cometh by hearing, and hearing by the word of God.
So the exercise of faith comes from the ability to hear and that which is heard must be the Word of God. Abraham is in the great faith chapter of Heb. 11, along with many, many others. However, they all have one thing in common. They had been called by God earlier in their lives and had been believers for many years. Each one of them, whether it was Enoch, Noah, Abraham or Moses were called at a given time by God to fulfill God's purpose.
Rom 10:18 But I say, Have they not heard? Yes verily, their sound went into all the earth, and their words unto the ends of the world.
Rom 10:19 But I say, Did not Israel know? First Moses said, I will provoke you to jealousy by them that are no people, and by a foolish nation I will anger you.
The Gospel message had stretched to the ends of the World but those who did not possess the ability to hear and apply God's message, did not and indeed could not.
Rom 10:20 But Esaias is very bold, and said, I was found of them that sought me not; I was made manifest unto them that asked not after me.
This is exactly how the new birth happens. The Holy Spirit comes and quickens those who at that time are not seeking Christ nor asking about Him. After the new birth, their old nature and darkened will now becomes a new nature and a will that desires the light. That new nature, which includes a new form of faith, hungers and thirsts after the things of God.
Rom 10:21 But to Israel he saith, All day long I have stretched forth my hands unto a disobedient and gainsaying people
National Israel, will remain with the veil over their eyes until the last days. Only then will God pour out the Spirit of regeneration upon them.
Eze_36:26 A new heart also will I give you, and a new spirit will I put within you; and I will take away the stony heart out of your flesh, and I will give you a heart of flesh.
Sorry --- longer answer than I intended. Often, that is the way it is with the Word of God.