I hate crate time outs as I find them pretty worthless. Dogs aren't kids and don't reflect on their behavior.
First of all, don't confuse him by wrestling and then telling him to stop biting you. Not saying you are doing this, just mentioning it. Once he understands not to bite you , then you can go back and wrestle if you want and be able to tell him to stop when you tell him.
For now, do not allow any biting or mouthing. Do try and redirect with toys, make them very attractive by shaking them and tossing them. By tossing the toys, you move the teeth away from you - always good.
You can try stopping all movement when he bites you and put your mad face on. It's not a lot of fun to bite you when you aren't cooperating by not moving. Once he lets go, you toss his toy and life is fun again. Be sure to smile and praise him when he goes for the toy.
For the very determined biter, I have no problem with either swatting the dog on the head or taking him by the collar and yelling at him. I make myself appear very large and angry and express my displeasure. The second he stops, I will quietly stroke and praise him. If you go crazy with the the praise, you will just ramp him back up and he will want to bite again. You want to give him the opportunity to succeed so don't make this too hard.
Once they start to get the idea, you can back down on the correction by using the mad face along with a verbal no or uh-uh, then quiet praise for not biting and then toss a toy if available.
Most dogs will gradually stop the biting on their own by redirecting to toys, but some don't and then you have to correct them to stop it.
It doesn't take more than a couple of corrections to stop most of the biting. Be sure to make this very black and white to him by not allowing any biting. If he doesn't bite you, be sure to praise him, while keeping the praise down just enough so he doesn't ramp up and lose it again.