I read this posting with interest and, admittedly, some amusement at the efforts of the members to outdo each other regarding the true meanings and applications of mnemonics and acronyms. Though similarly tempted, here's my shot at the meat of the original question.
If I am understanding correctly, the thing sought after is ANY way to help young Scouts memorize the Scout Law. As a Construction Trades instructor, I often need to help my students remember code rules for egress, DWV, and kajillions of other construction-related rote memory items. As a Scoutmaster, I use the same method that helps those students. I simply break down the list into bite-sized sets of three or four items to master at a time. Then I add another group.
For example, first night memorize Trustworthy, Loyal, Helpful, Friendly and discuss their meanings (5 - 10 minutes spent altogether.) Have the boys all write them down,starting a list.
Next time - repeat the first four a few times, then add Courteous, Kind, Obedient, Cheerful including meanings and writing them down on their previous list (another 10 minutes that night)
Last night, add the rest of the Law, finish the written list, and ask for new insights about meanings for perhaps another 15 or 20 minute total session. The whole process should only take a total of 40 minutes, more or less, of planned meeting time.
Bite-size memorization works with the oath as well, but save that for other meetings.
It SHOULD go pretty smoothly for the boys, acknowledging learning differences. Also, be sure to include taking turns leading the law and oath at opening AND at closing for a while until they are comfortable and confident with it, then just at opening.
I hope this is helpful and GOOD SCOUTING! to all.