The Gap Theory Examined

This theory does deal with the obvious genetic and morphological similarities between apes and humans, not to mention the strong association between other species that plainly would not have enough time to evolve from a common ancestor in the time since the flood. It also doesn't deal with such things as the horse fossil series which ties horses to ancestors many millions of years old. Horses were obviously not a recent creation. That, and many other problems exist with this theory as you mentioned (on the scientific side, I will leave the theology to others).