ii) Time slows down for an object that approaches the velocity of light.
This is not only not true, but incompatible with special relativity. In special relativity, time and space are no longer considered separate. It is true that length contraction and time dilation are
observable effects that are
explained by special relativity, but they are explained by the realization that time is simply another dimension of our 4D reality. Different observers in different reference frames
cannot agree on the measurement of intervals of time or length, and we can (and have) tested this by e.g., precision clocks on space shuttles vs. on earth.
The first is obviously true,
but the second would cause light to stop moving if it were true.
The light moves from A -> B -> C
(from a to b thru c)
At the point 'B' it is half way, both in space and time,
so at B its time has moved.
If we assume there is no time dilation, we must either assert that light travels at different velocities (because light would reach any instrument or eye measuring when something happens exactly the same, even if it were a light year away), or there is no time. As our measurements and classical electromagnetism show the velocity of light is constant, and our observations show that measurement of time intervals differs from reference frame to reference frame, the latter conclusion is the one supported by logic and evidence: time doesn't exist (at least not as we think, independent of locations in space), spacetime does. In spacetime, movement is much more complicated.
In general relativity, things get EVEN MORE complicated, because we aren't exactly dealing with a single geometric object like the 4D Minkowski space of spacetime in special relativity.
So the photon cannot have 'indeterminate' time as would be the result if applying
the relevant time dilation formulae.
Photons can't be treated using general relativity, and in relativistic quantum physics (quantum field theories) they are defined in spacetime (with all the trappings of SR, e.g., light cones). In particular, quantum field theory is FUNDAMENTALLY based upon the truth of special relativity, because only here do we find the relativistic mass-energy correspondence (e=mc^2 and its more general form). Virtual particles, most almost all known particles, annihilation operators, even the generic mathematical structures, etc., in quantum field theory are all due to the incorporation of special relativity. Without special relativity, there is no Higgs boson, no standard model of particle physics, no quarks, no positrons, and so on.