a suffixal use of wise - in adverbs denoting manner, position, direction, reference, etc.: counterclockwise; edgewise; marketwise; timewise. To simplify this definition, you can think of -wise as "in the direction of", "in the manner of" or "with regard to", depending on the situation. The sentence you provided falls obviously in the third case.
No; in this sense, 'timewise' is the correct choice. There are a few hundred results in a Google search for "is costly timewise" but zero for "is costly temporally". The wrong register.
A suffixal use of wise in adverbs denoting manner, position, direction, reference, etc.: clockwise; edgewise; marketwise; timewise. usage: The suffix -wise is old in the language in adverbs referring to manner, direction, etc.: crosswise; lengthwise.
So in modern English it is considered a suffix when it forms adverbs like timewise, moneywise, contrariwise. As for -able (sometimes -ible), this is definitely a suffix, but is associated with the adjective able because of the similarity in meaning.
A more general timewise word is well-timed which occured to me when I read the title of the question. However, this word has two senses and the second sense is more appropriate for the context, as listed in OED: 1. Occurring, done, or made at a suitable or favourable time; timely, opportune. 2. Performed or used at regular intervals or according to a regular pattern; carried out with precise ...
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