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The AssemblyVersionAttribute documentation states that:
The default build number increments daily. The default revision number is the number of seconds since midnight local time (without taking into account time zone adjustments for daylight saving time), divided by 2.
The reference date for the build number isn't specified. In practice, I've found this to be 1 January 2000.
The date can therefore be reconstructed as follows:
var result = new DateTime(2000, 1, 1);
result = result.AddDays(buildNumber);
result = result.AddSeconds(revision * 2);
Since the reference date isn't documented, it can't be guaranteed to always remain unchanged.
The version string has this format:
<major version>.<minor version>.<build number>.<revision>
and if you set the version as you've described, to 1.0.*:
The result of this is a build number set to the number of days since a random, designated start date and the revision based on the number of seconds since midnight.
The key here is "random". So, you can translate the revision to a time of day, but it sounds like you won't be able to resolve it to a date.