I had a Time/Electric Defender back in the days. Time was an incredibly good set. Like Traps it leaned towards the Tankfender end of the spectrum preferring to jump into the middle of groups of enemies to maximize debuffs and having the survivability to live while doing so. In general it only had two weaknesses, the first was that unlike Traps it doesn't have self mez-protection so you need to be careful around enemies with a lot of stuns (and carry breakfrees) and secondly while it has some -regen it doesn't have enough to stop the regen of AVs so it's not quite as good there.
Overall though it's an excellent set up there with Traps, Dark and Rad.
One thing to consider when picking a secondary is that Time likes to be in close so blast sets that rely on cones or knockback (such as Assault Rifle, Energy Blast or Sonic Blast) have poor synergy with it and will be harder to use. Conversely sets that have a strong PBAoE (such as Radiation Blast, Electrical Blast or Dual Pistols) will be more effective.