Interesting take. I think that the Halloween setting establishes a tone and atmosphere for the movie that couldn’t exist on any other night, regardless of whether it has any special significance to the plot or Michael’s nature as a killer, and that it is enough of an enjoyable thrill ride to please a crowd without veering into a realm that is too intensely disturbing. And it’s a movie that one can generally count on everybody in a horror-loving audience to have seen before, so it’s a good party movie in that people don’t feel obligated to be completely quiet and attentive for every moment of it, to the detriment of enjoying the company; it’s familiar and comfortable, without losing its spook value. I find it just about the perfect Halloween night group viewing experience.
You mention that the Halloween setting “establishes a tone and atmosphere for the movie that couldn’t exist on any other night” but did you know that Carpenter wrote the script under the title “The Babysitter Massacre”? The idea of having the film take place on Halloween was an afterthought, as a way of ensuring that the action took place in one night. Still, I can hardly argue that the Halloween connection is crucial to the film’s staying power and Michael Myers iconography. You make some really good points here!