Not sure about these 'dispensations'. The only biblical reference to dispensation uses the Greek word Oikonomia. This word means 'a set of rules for an orderly household'. Ephesians 3:2 then, is referring to the rules for grace. The law is still in effect -as in 'not abolished'- however Jesus has paid the penalty of the law and we no longer need to be stoned or put to death or offer sacrifice for sin. The definition of 'sin' being 'transgression of the law'. We still sin, but Jesus bore the penalty of our sin on the cross.

Your set of dispensations does appear to look similar to the biblical principal of 'a thousand years is as a day unto the Lord'. The Book of Barnabus explains each of the seven days as corresponding to one day of creation. With six days as the six thousand years from creation to this period, and a thousand years, the 'seventh day' as the millenium. And the eighth day as God's reign in the new heaven and new earth. This principle is also addressed in the Book of Heresies.

Are you trying to figure out how Christ's reign in the millenium works? Who rules on the final eighth day? Not sure what the discussion is about here :)