My concern relates to Einstein's rock-down-a-well thought experiment. If Einstein drops a rock, it picks up velocity and gains in total energy. If an assistant at the bottom of the well converts the rock into a photon by $E=mc^2$ it will have more energy than if Einstein had done that atop the well. When the assistant shines the photon back up to Einstein, he must find that the energy has decreased, or he will be able to violate the conservation of mass and energy by forming a bigger rock. This is one way to show that time must slow with elevation in order to exactly offset energy gained from gravitational potential energy conversion.
So what happens if the assistant is right outside a black hole? In standard theory, the rock arrives with a less than infinite KE, yet there can be any ratio of time speed we want right up to infinity. That is, convert the rock into a photon, and shine the photon back to the origin, and you can red-shift it to as small an energy as you want, and eliminate mass and energy from the universe.
Is this a violation of conservation of mass and energy?