Oh no, Truth, you aren’t dragging me down this road 
Okay, so you are going to drag me down it.
Well, the observations themselves don’t say one thing or another about the speed of light. They are simply saying something about the fine-structure constant. According to Davies, he would like to alter the speed of light due to certain parts of physics he feels are more vital than others (including the conservation of energy, interestingly enough). Actually, there are a few folks I’ve talked to that aren’t exactly sure he has to appeal to this argument at all. In effect, the fine structure constant may have some other influence on it that would not require a changing c. A WAG (or WAS) to be sure, but it’s not like Davies is really basing his speculation on very much more than the wild asses of the wilderness (well, maybe a little bit more).
Now I’m going to take you to task, if you’ll excuse me…
In a finite universe, this doesn’t make much sense lest the universe be larger than itself. Or am I misunderstanding what you mean by near infinite? Perhaps you mean that the potential barrier is infinite in extent and there is not initial expansion. If this were the case, then you can kiss goodbye to quantum fluctuations as an infinite potential puts the kibosh on any tunneling. So fine, you say near… but this doesn’t cut it. Your idea depends upon strict limits and massive changes of things that are not much more than speculation at this point. This is something akin to arguing over how many angels can dance on the head of a pin.
Presumably it has gone into the “phase transition”. Again, this is assuming that there is symmetry between the two models (which I’m not sure of).
It’s worse than that… there’s no universe at all if you look at current origin speculation (which assumes tunnelling as a primal cause).
In short, if I understand you correctly, we want c decreasing drastically to be the source of large-scale structure. I’m afraid you’re going to have to contend with a number of prominent stop signs along the way which aren’t evident (to me, at least) how you will get around.
But be my guest, submit to Physical Review Letters and see what they say.