A GP Ability is a Special Ability. You start with 5 GP (maybe they get more later) and before the days start you can spend them for your items from Hope. GP can be refreshed by fighting monsters and the Abilities you get and can use in and outside of battles (depending on which Ability it is) are for example "Curaga", Escape for 0 GP but its costs you 1 hour of Light's world, Arise for 3 GP (also possible with less but it restores less HP then you can even use it once for 0 GP if it is the only time in your battle), the mentioned Chronostasis, Overclock which is something like a "Slow Time"-Mode for battles to give you more time for awesome moves and such things. And you can teleport with Telepo for 3 GP to not need to use the train all the time. The train costs 100 Gil and one hour and the teleport is Goku's Instant Transmission. Disappear, appear, done. On Light's clock no time that has passed is shown and you only need some GP (of course it is all about not wasting them) and an unlocked Teleport Point. GP Cost and other things vary depending on your difficulty.
The days, story and quest progress do unlock other quests, yes. But I do not know how much they influence it. Not yet. Basically it is like it is often in Final Fantasy: "Do this and unlock the next quest".
I cannot tell you too much about that Outer World option for now. Basically you decide if you want to use it, then you can see a bunch of characters for possible features later, I think. As said, I have not use them yet, just talked to them. They are some NPCs like "LRFFXIII ..." and also I think characters that have the names of users that were online, at least they sound very random. Some of it was explained already but I didn't read all of it yet. However I used its options for Light's two costumes.




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