If you drop an object into a gravitational field, is its final velocity equal to what it would have to be in flat space in order to generate the same time dilation that you get at a given radius for an object that is stationary relative to the gravitational body (sitting on the surface in the case that it isn't a black hole)? I don't have enough GR background to do the calculation myself but this seems consistent with the effects on photons going into a gravitational well.
Here's what I've already figured out (mostly from http://jila.colorado.edu/~ajsh/bh/schwp.html)
The distance toward the black hole is contracted/expanded by an amount $\dfrac{1}{\sqrt{1−r_s/r}}$ where $r$ is "circumferential radius" that you get from dividing the orbit length by $2\pi$ and $r_s=2GM/c^2$ is the Schwarzschild radius.
Time dilatation relative to "Schwarzschild time" is $\sqrt{1−r_s/r}$.