Fast Healing strikes me as a bit weak of an effect for more than half of a Step I benefit. You could probably move the Reflex save bonus from Step II down to Step I, considering fast healing effectively the same value as a cantrip. (Which is sensible, given that Touch of Light is a cantrip, albeit generally acknowledged to be one of the most potent ones, and that's far better healing than simply having fast healing yourself.)
With the Reflex save bonus bumped down to Step I, Time II would need a little extra oomph. The always ready benefit from Time IV is too weak for its position there anyway, as it's comparable in value to beguiling (which we know from Beauty II to be worth half of a Step II), so we could bump that down to here. Alternatively, Tinker II would be a good fit ("reversing time" to fix an object, or "accelerating time" to damage it).
Then, looking at Time IV, as I said always ready is a bit anemic for this slot. The speed boost is fine, but since it's hard to find something else to fit only half of this Step (if Spellbound were out it would probably be easier, but we have no suitable spells of appropriate level to work with right now, even looking at conversions from the Spycraft Spellbound supplements), it might be better to scrap the whole Step and come up with a single benefit that fits the appropriate power level. We'd likely want to look at class abilities for this; extrapolating from what other class abilities are granted via which Path Steps, a Ceven, E, or Eodd base class ability, or an E or F slot expert class ability would be most appropriate. Some ideas that come to mind:
* A floating bonus feat of the sort several base classes gain at level 5 or 6. The Sage's Hand of Fate could be appropriate for a time theme, fluffing the Chance feat effects as something like subtle temporal manipulation or even a foresight effect of sorts, selecting preferred timelines over less-preferred. Alternatively, it could be an entirely new floating feat ability with its own list of specific time-themed feats (eg, Combat Reflexes, Elusive, Lightning Reflexes, Quick Draw, Surge of Speed, Perfect Memory)
* No more games (for you only), as the Gallant (on the notion of seeing your opponent's tricks in advance to thwart them). Though that might get wonky if, for whatever reason, you have something like a Priest/Gallant, picking up the full no more games ability from the Gallant and then getting it again through Path of Time.
* Expertise in your choice of one class skill (the idea being that you're "seeing ahead" to anticipate complications and avoid them)
Another idea might be to allow all teammates to roll twice for Initiative and Reflex saves and keep the better result, which by comparison to Path of Protection and its similar benefit for saves should be worth half the Step, letting it fit alongside the Speed boost.
Also, for Time V, the Dex bonus is rather bland and kind of an awkward fit, but I must admit I don't have any better ideas for this one (aside from replacing the entire Step with something else, like perhaps the Spirit Singer's song of the past ability -- but Hindsight is a good fit, and it'd be a shame to cut it, and Spirit Singer being a class that gets Paths it's probably best to avoid using its abilities in a Path). Maybe better to just revisit this Path once Spellbound is out and we have more Compass, Divination, and Foresight spells to work with.