well thought out...
eagle737,
Seems to me that you have done quite a lot of thought about this problem...and suspect you are right on target.
If I was operating a pax jet transport aircraft with only two a/c packs (have not done this for awhile, generally three) and one pack failed/no reset possible, certainly would not continue to climb to the expected final flight-planned cruise altitude, unless of course that altitude was lower, and the flight was of short duration.
And yes, to consult the MEL in addition to the QRH would seem to me to be a very good idea. Others of course might disagree.