Does Gravitational Time Dilation affect the orbits of things
yes. Time dilation, or time distortion IS a component of gravity. good start.
Warfen said:
Would the lighter object have a greater gravitational pull than it's mass would say it should because it's pull was operating longer on the heavier object due to time dilation.
let me try 'no' as an answer, with caveats. Time dilation and spatial distortion, the curvature of spacetime in your example IS 'gravity', and is a bit different than Newton envisioned, that is, more precise. Hence the effects already described in prior posts: time dilation does affect orbits relative to Newton's predictions.
"longer" or "shorter' depends from where you make your observational measurements, that is, your frame of reference mentioned in post #2. Regarding, 'operating longer', keep in mind local time, say at each of the objects, ticks along steadily at an unchanging rate. Radioactive decay, for example, takes as long at one as the other. Yet if we compare clock times, say, with a distant observer, all three clocks tick at different rates.
PS: Your example reminds me of our global positioning system, a light satellite object orbiting around a 'much heaver' object, earth. There is a LOT going on, and if you want some details:
https://en.wikipedia.org/wiki/Error_analysis_for_the_Global_Positioning_System#Relativity