Dear Ernst Fischer,
I enjoyed your fascinating essay. Your reasoning seems sound and your conclusions reasonable. It's difficult to believe that no one has taken potential energy into account, and I guess I assumed that this energy or its equivalent was somehow factored into the stress energy tensor. I hope some general relativity experts will comment.
You make a number of interesting statements and many of them refer to local mass density, which I understand to be ill-defined in general relativity. Your assumption about particle rest mass in a volume element seems quite reasonable so it would seem that the correctness of your conclusions depends upon your definition of potential energy and your approach to incorporating curvature into the definition of density.
You conclude that "the Schwarzschild radius must be regarded as a purely mathematical quantity." Quite a statement!
I recently read that the matter in a spinning black hole is regarded as having one degree of freedom. Would you make the same assumption for the particles in your model?
Thanks for a well written, well thought out analysis of very basic assumptions, as FQXi asked us to do. I hope your model stands up well to criticisms.
I invite you to read my essay, The Nature of the Wave Function, and comment on it.
Edwin Eugene Klingman