Due to how frequent attacks are, I don't see Blink being a very effective spell, not unless they made it utterly game breaking balance wise.

Reraise is the effect I'd like to see - it would have to have a long cool down though to stop blatant abuse - maybe have Phoenix Downs (which are very rare items) instead of raising a party member they instead give the player a Reraise effect, but once used can't be used again for an hour or something to avoid people exploiting in Titan or Coil for instance.