Very interesting Craig.
Smacks of the "tired light" approach and calls into question Olbers' paradox maybe???
I often wonder about our observation that the universe is expanding (let alone enjoying varying rates of acceleration) and that our opinion of what is happening is due to a corruption of data via something we have not taken into account... but we could not have that could we?
I was reading up on the most distant super nova and one wonders what may corrupt that light given that it has been travelling for maybe 10 billion years.
I doubt if folk will like the implications of the approach...
I do like the quote from Bertrand Russell
alex