Using ILM for huge size of indexes

I do not understand what the issue is. The way I described is how time-based indices were managed for years before rollover came into the picture. You would have an index template that applied to all new indices related to a specific pattern, and you would create the index name based on the timestamp in the document when writing it. If you now what the original timestamp is for documents you want to update (kept track of outside Elasticsearch) that is all you need to create the correct index name.