Actually there is one tiny flaw in the argument. The variation of the drag of space would mean at varying intervals of time matter would need to be in the higher or lower components of its composition (strange, proton, lambda and so on) and incapable of being seen as hydrogen and helium the length of the visible universe.

The other point would be the non uniform stretch of space giving a complex underlying manifold upon which our perception of four dimensional expanding structure could not possibly hope to be uniform.

Now if you could apply the idea to a uniform density over knowable distance of the life of the universe as viewed in time with the stretch or compression of space providing a simpler and uniform manifold then it might get a start, as it is sorry a definite non starter.

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"Nature is obliged to let reality determine its laws, whereas mathematics is under no such constraint."