Either is correct usage, but the first word is spelled "It's."
It is common to say "Time is of the essence"Meaning it is important that this be done quickly or on time.
It is correct to say "favorite pastime"
Although you are expressing the fact that you are pleased to become an acquaintance of a person, the idiomatic construction is "(I am) pleased to make your acquaintance." Similarly, someone is said...
You almost got it! Just add -ship.Thank you for your time and companionship.