Assuming no annoying interactions conservation of energy says this is just wrong. It might be in the radio spectrum when it gets to us but it'll still be a photon from the far side of the universe.
What I mean is it takes 1 planck time or whatever for a photon to move one discrete degree of freedom in the universe, a planck length.
When space gets stretched between masses (between galaxies), from our perspective it now takes 1000 planck times to move a degree of freedom. From the photons perspective it still takes 1 planck time.
Eventually it becomes so stretched that it essentially takes infinity planck time to move one planck length, from our perspective. The energy is still there but it can't ever reach us (unless we can fiddle with the fabric of space like that warp drive does).