The Schwarzschild metric coefficient, or time dilation factor, is (1-2GM/Rc2)-1/2. This is found by solving the Einstein field equations for a point mass. The effect of this particular coefficient is to preserve the inverse square law of gravity for a distant Schwarzschild observer, exactly, even for strong fields. See working paper linked below for details.
In so doing, it does not preserve the 1/r potential. Modern field theories might well be more able to handle and explain a potential law as a source of gravity more easily than an inverse square law. (1+GM/rc2) would preserve exactly the potential law, and is indistinguishable from the Schwarzschild coefficient in all gravitational experiments to date, or even those conceived in the near future. I would like to explore this, and the purpose of this question is to engage knowledgeable collaborators who can help figure out how to construct a field equation which when solved for a point mass gives the potential law preserving solution rather than the inverse square law solution.