A light cone is not a physical thing, it is simply a representation of a photon's evolution in space-time. You seem to have jumped from assuming variable values of e0 and mu0 are possible to assuming that they are present everywhere at the same time that normal values also exist. This simply does not make sense. If variable values are possible there are only two possibilities. Either space has these values everywhere, or there exist areas space-time in which the values are different from other areas. It is possible that your ideas would be valid at a boundary between areas with different values of e and mu, but it is not possible for your theory to be valid everywhere, as you suggest, because this would require space to have two different values for e and mu at the same time. Nothing you have said suggests this is the case. Also, I am not sure what you mean when you say they can take values below unity since neither e0 are mu0 are unity in the first place.
It is also apparent from your site that you believe this "aether" to be some kind of spirit world similar to many other beliefs in spirits and ghosts, yet the aether presented in your paper is nothing of the sort. I also find it very interesting that the reasons you give for believing in the aether are not only fairly standard reasons for belief in the paranormal that are easily explained by by the real world, but you even give sensible explanations on your site, yet you give no reason for having rejected them and accepted the paranormal instead.