A question relate to the Ultimate Adventurer

No, there is no time limit involved with the Ultimate adventurer creation. It is simply a small reward you can utilize when you have a level 120 Cygnus. People think that these ultimate adventurers are something special and great and that explains your concern, but all you really get is an instant level 50 adventurer with skills you can get on normal adventurers through quests. Oh, and you get some outfit too.