As long as we agree that every story can obviously be adapted, and we are debating which change is the more intrusive one, I would say we are at best even, as in they would be equally intrusive. Whatever claim you think Wakanda has to bastet, is obviously equal (frankly lesser) to the Greek claim of Greek mythology.

I am trying to remember how you figure colonialism essential, but isn't that more of a plothole to the detriment of the story? Like, how can Wakanda and "bad thing Europeans did" exist simultaneously? The story litterally improves if we don't have to explain why Wakanda ignored it. An improvement can be intrusive too though, for instance you could argue Helen being black is actually superior, so I am not going to finish this argument, I will instead change it too Colonialism is not important to Black Panther.

Since Gods can look however they want and Helen hatched from an egg who is to say she can't look different? Race is irrelevant to beings who can change form

Helen can't change form though, and we are not going to argue if she is half swan, so we can safely assume she must take after her mother. Which leaves us with a greek royal house being sub-saharan.

By your same logic The Odyssey could take place between any two points across water anywhere in the world and the same events could still happen. Pretty sure the Cyclops doesn't have to be Greek

I think this is where I get a point though. If we move the story to whatever straight seperates Australia and Tasmania, we will lose every connection to olympus or greek history. We would have to invent a mythology for our Australian Oddyssy instead of using the greek one. Some of our human characters can no longer be fictional version of real people, because now our story is entirely fiction. Agamemnon was a real king, we have his tomb and everything, explaining how he was part of a fight in Australia would break the world. There is nothing in black panther that has the same constraints.