Okay noone seems to be getting anywhere here, so I'll go with this, which I thought earlier but seemed too obvious. Time materia?
There exists but one who bestows this might (This line worries me, as I think E-Skill will do pretty much everything Time does)
In the western continent it lies (I really can't remember if you do or not)
Magical powers it gives to all (It's a magic materia...)
Ensuring a quick resolution to the fight. (You get haste from it)
Plus TIME is spelt down the side...
Like I said this seems way too easy....
