Now suppose that the first party resolves to go back in time and kill his grandfather unless the bits he measures are precisely the message he wishes to send. The universe can't tolerate the paradox, so it is corralled into the only non-paradoxical outcome: both parties read the desired message. Something like that, anyway.
Obviously these are rather different. In fact I feel like the entanglement doesn't even help in the time-travel protocol. If you want to send messages instantly and you can send messages back in time, you can "just" send yourself the message distance/c seconds in the past and send it then. Some messing around let's you arrange for it to arrive at exactly the time you want to send it in the future.
So it's a kind of circular logic, or at best an observation that having one kind of supernatural magic power would let you cause another kind of supernatural magic outcome.
In this case, if only I had a time machine I could break the speed of light. (Or possibly vice-versa.)
I hope you wrote a correction wherever you wrote this. Quantum entanglement can not transfer information by itself (because of the no-communication theorem) therefore any data transfer protocol that uses entanglement must also use some other form of communication (e.g. classical communication), and therefore is at most as fast as your other communication method is.