in game time

it would help for festivals and player to player communication such as "where going to GvG at 9:00am in game time (igt)"

Yes, it would help with festivals.

???

Do you mean the game having it's own time like Phantasy Star Online. If you meant like having the game display a bulletin to tell everyone in the guild a message then...that's what the Guild Bulletin is for.

i ment the game having its own time

have it based on a 24 hour military time so meet you here at 13:05 GT <game time>

Then no.