Hello John, thanks for your post.
I looked at this kind of view of time in 2002, when Paul Davies mentioned something like that in an article in Scientific American. He says:
"For example, an electron hitting an atom may bounce off
in one of many directions, and it is normally impossible to
predict in advance what the outcome in any given case will
be. Quantum indeterminism implies that for a particular
quantum state there are many (possibly infinite) alternative
futures or potential realities. Quantum mechanics supplies the
relative probabilities for each observable outcome, although
it won't say which potential future is destined for reality.
But when a human observer makes a measurement, one
and only one result is obtained; for example, the rebounding
electron will be found moving in a certain direction. In the act
of measurement, a single, specific reality gets projected out
from a vast array of possibilities. Within the observer's mind,
the possible makes a transition to the actual, the open future
to the fixed past--which is precisely what we mean by the flux
I'd say this apparent similarity asks as many questions as it answers, but it's interesting. It would be hard to get it make testable predicitons, and it doesn't seem to address time dilation.
To me, 'the speed of the level of activity' can't explain time dilation. With grav time dilation, it might, if it could explain why there's less and less activity as you approach the mass.
But with motion time dilation, we seem to have elements of illusion and elements of reality all mixed up together. When two people pass each other on the street, each sees the other slowed down in time, but it's impossible for each to have slower metabolism than the other. So this bit looks like an illusion. But in asymmetrical situations, such as the twins paradox, you get permanent age differences. This shows what a strange conundrum it really is.
Anyway, I can't do much online for a day or two as I have to get on a plane tomorrow, but will be back when the jetlagged clocks have worn off. Best wishes,