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 Interesting point of view. Maybe it could be implied that the photon is not a particle at all, but this could still explain the photoelectric effect.
Question: Would this theory give an explanation to the collapse of the wave function by observation/measurement? 
 I am not too familiar with the collapse of the wave function. But to the extent I do understand it my take would be that you do not know the value/state/position of the system before you measure it. And after you have measured a value the values following thereafter could be determined, if the system behaves in accordance with a law or a wave function… not sure if that made sense…(?)