I took 73 Yards as a very simple premise - the penalty for breaking the circle (and/or reading the notes) was for Ruby to spend the rest of her life living her nightmare of being abandoned by everybody, and only when she's suffered every day of that, in her last moments she earns the reprieve of seeing the timeline adjust to one where it now never happened. The linking of ap Gwilliam and Mad Jack only happens inside that nightmare as a false hope for both her and the viewer, and when it comes to nothing that for me showed that it was never real. There was even an earlier example in the pub of Mad Jack turning out to be nothing, and ap Gwilliam is a more of a fool-me-twice moment in retrospect, just two names that she'd heard right as the nightmare began.
The phantom wasn't necessarily saying anything real, this nightmare world revolved around Ruby, and the point was that everybody would abandon her, and it was because of something about her. Everybody would explain it as 'ask her', as if it was always Ruby's fault that they ran, and she could never figure out what it was. Whether the phantom represented her fears following her throughout her life, I don't know, but certainly the nightmare was about those fears becoming a tangible thing and perpetuating themselves.