tl;dr: Travel to any day in history. Only 546 gigabytes for a 200 year old world.
I think time travel in DF is plausible, and would also be useful, even if paradoxless-time travel is basically just an advanced form of savescumming. I personally find savescumming immensely useful, and it wouldn't even be cheating if you were a demi-god or whatever. Time travel would be even better because your character would retain all his attributes/items from the previous timeline.
The possibilities become even greater if you could carry a whole fortress (or at least a small sphere of tiles) into the past/future with you.
Imagine the very first elven settlement in the world being crushed out of existence as a mature fortress materializes around it. Alternatively, imagine your entire fortress exploding with the force of an A-bomb because you accidentally materialized it on top of some elves.
Technology-wise, all you need for that kind of time traveling is frequent save states. Choose one, and the game makes a copy of your character/fort, restores the state, and inserts your character/fort back into it (ability to go back to original timeline: optional depending how much hard drive space you're willing to give it).
All that we need to travel into the future is the ability to give the world back to worldgen for a period of time.
Just for fun, I did some (very very) quick-and-naive calculations of what it would take to be able to savescum to (almost) any point in your world history.
My current one-fortress save file (I think its a medium world, not sure) is 7.48 MB.
I'll assume each save would be roughly that big. We could reduce the amount with compression, and a bunch of other tricks, but I can't begin to imagine how that would affect the numbers, so for now, each save is 7.48MB.
Lets say the game makes a backup of the state of the world at the beginning of every day (whether you are in fortress mode, adventure mode, or world gen, it doesn't matter), for a 200 year old world that works out to 73000 days, and 546GB.
The estimate could also be much lower if the game only starts saving states after the player first takes control, before that you can just tell world gen to stop at x amount of days.
I think 546GB is actually not too bad. Terabyte drives are only $100-$200 at staples.
With some optimization you could probably get the game to save without lag by streaming the data to disk as the day proceeds, or saving the previous day to disk while the current day happens. Adventure mode would be a lot easier than fortress mode since days are so much longer, and worldgen doesn't need to save it's state much at all since it can just re-run itself starting from a state.
And there you have it. DF time travel for the cost of just a few hundred gigabytes.
Also:
Imagine being able to give those saved states to something like VisualFortress, and make a stop-motion movie of your fort being built, or the world evolving!