Theoretically, you may be correct but I am not capable of answering your question. I draw from Stephen Hawking's book "A Brief History of Time" and although he wrote this book in as simplified a form as he possibly could, much of what he was describing was still beyond my comprehension, even after two readings. Quantum physics is not my strong suite but I am reminded of the story of Schrodinger's cat.
The main point of that story in relation to this discussion and quantum physics in general, is that the very act of observation can change the results. So we must remember that everything is relative but everything is also subjective.
Depending upon the relative position of the observer in this case, light may be slowed while time continues at normal speed, or both time and light may both be slowed or frozen, or time may appear to be sped up whilst light continues to remain at a constant speed. As I said, it's all relative and subjective.
As for wave length variation, as far as I know, shifts in wave length alter our perception of the colours of the observed light but not the speed of the light. It is much the same as shifting the wavelength of sound alters the pitch of the sound but not the speed it will travel.
Sorry for my vague responses but I am not a physicist, just an interested observer.


) point of view. What if time then goes at 0.5 times normal speed as well, from that same "objective" view? Then, light's essentially still going at speec c.
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