Final fantasy 8 riddles

[BG-57]

Cephalopod's delight
Although an All button
Would speed things up
To warm Ptomely's heart

Line 1 - I think Nautiloids is on the right track, but not that store so much
Line 2 - The fact "All" was italicised just made me think of target all magic
Line 3 - Something relevant to either Haste or Double/Triple as it speeds things up
Line 4 - Reference to Egypt

I've not actually got an answer, just thought it might spark an idea in someone's head

The cephalopod in question is not a nautilus, but keep trying.

Is the item a Phoenix Spirit?

Nope.

I'm pretty sure the item is a Rosetta Stone, actually. Rosetta stones in the real world are Egyptian artifacts from the Ptolemaic era.

Nautilus is a species of Cephalopod, if I remember correctly.

Yes, line 4 refers to the Rosetta Stone.