Ernst,
If, as I argue, the concept of cosmic time is invalid, makes no sense at all, then we can no longer assert that light has a (finite) velocity, so the 'speed' of light c refers to a property of spacetime (which is why all observers, no matter their own motion measure the same value for c): this insight of course changes everything in physics.
I don't agree with your statement that time depends on distance but not vice versa. Whereas a Big Bang Universe lives in a time continuum not of its own making, a Self-Creating Universe (SCU) contains and produces all time within, so if an inside observer is to see clocks showing an earlier time, objects in an earlier phase of their evolution as they are farther away (and, as I argue, NOT because it takes their light time to reach us, it doesn't), then time must be observed to pass slower at larger distances, no matter the position the observer looks from. This does not mean that time depends on distance, only the observation of its pace: we can as well say that some object is physically more distant as inside processes are observed to proceed at a slower pace. In a SCU a space distance corresponds to a time distance, a fact which has nothing to do with the passing of time or with light whatsoever. In a SCU there is a time distance between any two different space positions even if nothing happens: a photon bridges any spacetime distance in no time at all. Unfortunately, this fact will only be accepted when we acknowledge that causality, in the final analysis, is a religious rather than a scientific concept. If we understand something only if we can explain it as the effect of some cause and understand this cause only if we can explain it as the effect of a preceding cause, then this chain of cause-and-effect either goes on ad infinitum, or it ends at some primordial cause which, as it cannot be reduced to a preceding cause, cannot be understood by definition, so causality ultimately cannot explain anything.
My essay, short as it had to be, only could summarize the main arguments and conclusions of a far more extensive study you may find interesting and can be found at www.quantumgravity.nl. I think that there's enough food for thought in it to make up for its many flaws. If you do, I'd very much like to hear your comment on it: as a work in progress, it can only benefit from critique.
Anton