In theory this is possible. I don't recommend it though, because unless one is very discreet as to which abilities are joined w/ a macro, Unda could be right before Time Warp activates, etc. I prefer manual for that reason. But if you ARE discreet and cautious, it can work fine either way.
The issue with instant cast / recovery abilities is that no matter how efficient you think you are being, there is always time lost via manual execution (even more so if having to deal with server-side latency issues). Also, while lining it up with time warp is advantageous for that particular cast, over the course of a long fight you are likely to end up with noticably less casts through manual execution. I've always seen higher returns than people that trigger it manually, and with far less work.
