Um they already have these schools based in with others. Air and water are storm, Darkness and Spirit are death, Light and change are balance, Time is a very fickle subject because it is a very widely used school and cannot be put into a sinble school.
I atcually think Time is a good idea. I mean, then Balance would finnaly have a rival school, because Time would be all about summoning creatures from the past, and that would be like messing up the balance in magic.
Spells could be like:
( some ideas were drawn from other posts )
Ancient Arrow/Spear - 80 to 160 damage - 1 pip
Velociraptor - 200 to 275 damage - 2 pips
Time Blade - +25 percent to next Time spell - 0 pips
Time Trap - +20 percent to next Time spell - 0 pips
Set Back - Target loses 2 pips - 1 pip
Sabre-Toothed Tiger - 350 to 420 damage - 3 pips
Ancient Shield - -80 percent to next spell - 1 pip
Pause - Stun Target - 1 pip
Valiant Knight - 460 - 540 - 4 pips
Rewind - All enemies lose 3 pips - 2 pips
Worm Hole - 120 damage per pip - X pips
Native Hunter - 585 to 670 damage - 5 pips
Fast-Forward - You and all friends gain 3 pips - 2 pips
Reversal - Reverse battle order ( if enemies go first, now you do and vise versa ) - 3 pips
Militia - 695 to 780 damage - 6 pips
Slow-Mo - Target only gains pips every other round for 5 rounds - 4 pips
SWAT Team - 500 damage plus 80 damage per extra pip - 5 pip cast, up to 3 extra pips
Air Force - 700 damage and stun to all - 7 pips
Back to Reality - Disspell next Time spell - 2 pips
Time Zone - +30 percent to all time spells ( bubble ) - 2 pips
The Time School could show up at Elik's Edge, on an island apart from the main land. There could be a bridge going up to it. The teacher could be some kind of guy from the past. ( I would have said it could be where the death school is but that is where the halloween tower shows up every year )
Time would be an awesome school, it may be a bit over powered but hey, it's not like I am goning to spend an hour fixing that.