I've added very basic token support. It could be expanded upon to include each time component value.

Added to cck_time.module:

<?php
/**
 * Add time to token list.
 */
function cck_time_token_list($type = 'all') {
  if ($type == 'field' || $type == 'all') {
    $tokens = array();

    $tokens['time']['formatted'] = t("The formatted value");

    return $tokens;
  }
}

/**
 * Link tokens to the cck fields.
 */
function cck_time_token_values($type, $object = NULL) {
  if ($type == 'field') {
    $item = $object[0];
    
    $tokens['formatted'] = $item['view'];

    return $tokens;
  }
}
?>