"Except that it would only be able to return to the time it was invented, not earlier "
Oooh, you're using Primer rules!
Anyways, time isn't a dimension in which we can travel about like space. It's just the counting of events. For example, since 1967, we've just been counting the oscillations of a Cesium-133 atom. There's nothing really to suggest that the intervals between oscillations is necessarily constant except that the same rules (physics) governing the oscillations also govern the mechanistic interactions of particles in our brains and consequently our experience of time itself.
Time could stop and start, slow and speed up (although these aren't really logical terms considering they rely on the very existence of time to have any meaning), and we could never notice if it did, because the observation of events and their separation in time require physically similar events to occur within our brain to give us such an experience.
Time doesn't really represent a dimension... given that the laws of physics run perfectly well in reverse, the only reason an arrow of time exists is because of our observation of entropy, and the ever increasing amount of disorder. However, order itself is simply a human label. Any specific arrangement of particles is just as ridiculously improbable, it's just that we call some specific arrangements orderly because they happen to be meaningful to us. It should come as no surprise then that order decreases as a simple matter of probability. We could just as arbitrarily designate useless arrangements of matter as orderly, and we would still find that order tends to decrease in time.