If I use the source systems "asof" date/time for the "version" time... everything works fine.. 

However.. come month end sometime the source system will post a record has a back dated date/time.... 
Say the origional record goes from 1/1 - 1/5 then an updated happened on 1/6.... all is well.. but now a update comes that has to be applied to 1/3.... 

How will the component handle that?  

Will it alter the original record "end date" as well as the new records begin and end date effectively inserting it into the the timeline?

-Ken

You're out of luck.  The component isn't designed to "insert" changes into the dimension, it's a "forward only" technique.

If you're adventurous, it should be possible (but very tricky) to implement - so much so that I'm not going to do it :)