Regarding CT in FFT...
REmember that charge times in FFT do not *ADD* to the character's speed. At most, its like a delayed action, so it may shift Paula's turn to come first, but it doesn't slow Alma down otherwise. A charge time and Speed are independent of one another, odd as it sounds. So when Ultima resolves, Alma would have like half her next turn already charged up, so she gets it the same time.
YOu can tell this is the case most easily with long charge times. Take Cloud, have him charge Cherry Blossom. He'll more than likely get another turn BEFORE Cherry Blossom Resolves, allowing him to cancel the action with something else.
So it more delays when Alma's turn resolves, but it doesn't affect things like double turns and such.
Next off...
Magic, you're confusing PSI Shield I'm sure. The version you're talking about is Ness', which halves Physical damage, and the enhanced version has the recoil property.
Paual's NULLS Magic Damage, and the Enhanced version reflects the attacks back at the opponent.
Before you say "Hey, Paula has damage immunity to Alma!", I'm calling bullshit on that cause they hit the exact same things in game, and Alpha is inferior to Beta in everyway sans PP Cost. For Ultima to ignore PSI Shield Beta, it means its ignoring PSI Shield Alpha.