Can gravitational time dilation near black hole jets explain quasar redshifts?

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Mike Holland
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A Quasar's luminosity is believed to be due to particle jets streaming from it, presumably on the direction of its poles. Reading some of Fred Hoyle's theories (and Halton Arp's) on redshifts, I wondered whether the jets could be forming so close to the "surface" of a black hole that gravitational time dilation would account for a large fraction of the observed redshift.
Has it been possible to measure the redshift of the surrounding galaxy where one is visible? And is there a viable theory about the formation of these jets that could answer this question?
 
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