I know this may take lots of work,but why dont you make it so that when you drink a speed potion everything slows down.Just like quicksilver in X-Men!
Don't know about everything else slowing down, when you start altering the state of other clients, things get harry - I can look into applying a potion of slowness to those within a certain range though.
there was an old PC game called "return to Krondor" that used an interesting alchemy system that I liked, you might want to check it out! if you can't find any info, ask and I'll try to tell you what I can remember. also, there is a guy on youtube who did a playthrough by the name of "Huntershows" who did a let's play. episode 40 has an alchemy bit.
The Meaning of Life, the Universe, and Everything.
Thanks for the suggestions Cat =). Also new version, 0.1.4 is out! Passives have now been introduced.
Starsteel will slowly refill your flask!
NOTE: I am open to ideas on passives for the rest of the flask components. Please keep in mind that the passive should reflect the rarity of the resource. Starsteel, for example, is only found in the end.