With regards to the redshift:

Wavelength is inversely proportional to frequency.

All I am requiring you to consider with inverted time dilation is that as lights wavelength gets longer or shorter respectively in a decreasing or increasing gravitational field, a second gets proportionally longer or shorter relative to a standard second, in 'almost' the same way that when a caesium atoms frequency increases or decreases respectively in a decreasing or increasing gravitational field, a second gets shorter or longer.

If light is travelling at the speed of light but is travelling through slower rates of time, ie: longer seconds relative to the 'standard' second, the distance it 'actually' travelled will be shorter than when calculated via the speed of light as per meters per 'standard' second...

In reverse one can view light experiencing blueshift due to the acceleration of gravity in an increasing gravitational field as being due to the rate of this inverted time dilation increasing.

This concept means that the idea of redshifted light being source velocity related is merely shifted to the perspective of this extra velocity being related to the light travelling through slower rates of time. Distances between masses then are not as great as we think and consequently the mass size of distant light sources are then greater than we think. The fact that we see light sources further red shifting is then due to a weakening of the gravitational field between source and observation, which may well be the distance between the 2 points expanding as clumps of mass transit their gravitational trajectories, but could also be just simply due to mass further clumping. In either case the velocity of this expansion between distances under the remit of Inverted Time Theory is likely to be entirely minimal and therefore does not reflect Hubble's conjecture of an expanding universe and the subsequent current Big Bang theory, but is more reflective of Einstein's General Relativity, minus his cosmological constant lambda and untainted by Hubble's influence. The De Broglie hypothesis of wavelength proportionality to energy and frequency then being viewed as time related not distance related.

This gives us the model of a slowly contracting universe that will, as GR predicts, result in a mess of black holes. It's just that they will all be slowly pulling together, and not far flung apart as is currently thought.