I also am not a fan of the big bang...nor of the singularities that tie spacetime into that many knots of unknownable matter.
You want to make cosmic hydrogen appear from the nothing of space and therefore expand the universe. Good luck with that...
You might also consider making cosmic hydrogen disappear and therefore shrink the universe. Of course, a shrinking universe means that early galaxies are redder because because charge and gravity forces are lower in the early universe and not because the universe expands at all.
As long as there are a concerted changes in h, c, and alpha, a shrinking universe makes sense. As you note, this shrinkage (or expansion) is quite small and difficult to measure. In fact it is matter decays at -0.26 ppb/yr, but force increases at the same rate and so current precision is not quite there for measurement. However, precise measurements over many years will and actually do now show universe decay...very soon this will be measured as either a shrinkage or the expansion as you suggest.
There are many experiments now underway looking for the gravity Casmir effect, which measures the gravity of vacuum. If hydrogen appears from space, that would mean that space has gravity. Likewise, if matter decays into space, that would mean that space has antigravity and antimatter instead. However, if matter decays into space and gravity increases at the same rate, there will only be a second order change. In fact, there are now second order changes observed for alpha.
All objects have their own atomic time known as interval time. However, the universe is also an object and so the universe also has its own time called universe action time. In the big bang universe, these two clocks tick at the same rate relative to the CMB moving frame after inflation has patched up the early universe issues.
In the shrinking universe, atomic interval time ticks very slowly at the CMB as compared with universe action time. With two time dimensions, of course, there is no problem with an arrow of time. The universe action time is that arrow...