Einstein,
Could little things in there you might be interested in. (You were probably taught incorrect info. in your biochem class, TBH.)
Lactic acid accumulates in an anerobic environment, but it is produced during exercise primarily b/c the rate of energy demand (ATP use) results in allosteric activation of glycolytic enzymes at a rate that exceeds the mitochondria's ability to take up and oxidize pyruvate. Glycolysis is considered anaerobic when the fate of pyruvic acid is not acetyl-coA and mitocholdrial oxidation, but rather reduction to Lactic acid. This also serves the purpose of regenerating NAD+ so that glycolysis, which can provide ATP at a faster RATE (albeit not one that is as efficient as oxidative phosphorylation in converting bond energy into ATP, as you said). The point of lactic acid build up is to provide NAD+ as a substrate for glycolysis to continue to provide ATP at high rates (those that exceed the rates attainable with ox. phos.).
A phenomenon known as a lactate threshold occurs during aerobic exercise at approximately 60% (or even 80% if highly aerobically trained) of maximal oxygen consumption. This means that muscle and blood lactic acid levels will increase at higher levels of exercise AS WELL AS oxygen consumption. The lactic acid is accumulation not because muscle is anerobic (it still can use more oxygen and oxygen consumption does not decline or plateau, i.e., d/t aerobiosis), but because is it using ATP so quickly that "anerobic" glycolysis (and phosphocreatine) is required to provide the energy supply. (FYI, pO2 in the mitochondria at cytochrome oxidase much reach something like 2-3mmHg before oxygen levels are limiting for electron flow through the electron transport system.)
Naturally, anaerobic glycolysis cannot proceed indefinitely, as cell pH will decrease to a level that may slow enzyme catalytic rates (and inorganic phosphate levels will increase - probably a more likely cause of fatigue).
As far as your example of doing a lighter weight for X reps, vs. twice the load, etc.: the load used WILL make a difference in the accumulation of lactic acid, assuming sets are taken to failure. Just compare a 20 rep set with a 3 reps set (both to failure). If you want to produce more lactic acid, lighter weight (say 60-80% 1RM) will do this, vs. using heavier loads (85-100% 1RM).
What do you mean when you say, "In fact, proper stretching post workout helps to dissipate lactic acid buildup, which can be catabolic?" Are you saying lactic acid is catabolic, or stretching is catabolic?...
-Randy