This was really creative! We do love a little ludonarrative harmony, and the forgetful wizard angle is a great way of ensuring it. There were a few levels that could be completed without having to use all skills, in fact I don't think I ever actually had to use the Time Ability and I actually don't understand what it's supposed to do.
The levels that actually make you think are great though, and having to retry is never boring because you get to hear and read all the variations on the incantations. Tracer's ability, the Apple Girlington shout, and the unexpected deep voice for Lipsum are great. Big fan of the voiceover work in general! Super funny. The final level being hyped up as being super long and hard just to basically be a fart in the wind is great punchline.
The main thing I feel doesn't work that well is the fact that there are two different aiming systems. I see no reason to not aim with the mouse when not firing a spell, it makes Shadow Clone unnecessarily annoying to place.
In a reply below, you mentioned going back and polishing the level design by adding more time (if I read it correctly). I don't think more time is needed, some of the later levels have too much time (partly because Dash is more effective at killing enemies than Lipsum).
All in all though, this was a fun game! I hope you keep polishing it, pop out a WebGL build and you have a fun, light flash game thing.