I've been thinking about cosmological redshift lately and in particular its effect on the apparent speed of separation. In particular, let's imagine a source which emits light pulses with a period of $\tau_e=1$ to a source a distance $D$ away at present. If a pulse were emitted at some time $T$ then the distance between the source and the observer at the time this pulse is observed (let's call this time $x_T$) would be $\int_{T}^{x_T} \frac{a(x_T)}{a(t)}cdt=Da(x_T)$. Now, if we let $a(t)=nt$ (for simplicity, let's consider at least the case where the rate of change of the scale factor is constant), evaluate the integral, and solve for $x_T$, we get $x_T=Te^\frac{Dn}{c}$. The observed period of the pulses would be simply the time elapsed after the arrival of one pulse and before the arrival of the next one, so $\tau_o=x_T-x_{T-1}=e^\frac{Dn}{c}$, and hence $\lambda_o=e^\frac{Dn}{c}$c. As we can see, this expression depends only on the initial distance between the source and the observer and the rate of change of the scale factor - not on the speed of separation between the source and the observer.
Intuitively, then, it would appear to me that redshift can't be a measure of speed of separation; if anything, it might be a better measure of distance, as it is roughly indicative of the amount of time that it took the incoming light to reach the observer - in that its wavelength would have been stretching all this time.
The only relationship between $z(t)$ and $d'(t_0)$ that I can imagine is that (taking $a(t_0)=1$) $\frac{da}{dt}≈\frac{\Delta a}{\Delta t}=\frac{z(t_0)}{(z(t_0)+1)(t_0-t_1)}$, with $z(t_0)+1=\frac{1}{a(t_1)}$, but this only gives us an estimate for the Hubble constant and not speed of separation. Furthermore, astronomers don't seem to make use of this approximation when attempting to measure the Hubble constant, leading me to believe that it's not very useful (bonus question: why is such an approximation not useful?).
I've seen it being referenced that $z(t)≈\frac{d'(t)}{c}$ is a good approximation for small distances, but I fail to see why that must be the case.
Can anyone explain in what way cosmological distance is intuitively related to speed of separation and in particular where the approximation $z(t)≈\frac{d'(t)}{c}$ comes from?