as far as making one like in FF7, I don't know, as it worked by having a code which would, based on how the buttons were pressed, change the numbers and graphic... However, you could always have them input numbers via the input numbers event command... as for putting a timer on it... You would probably have to run a parallel process that would start at a certain number and count down. If the number was equal to or less than "0" when the character finished inputing the numbers (in a separate event) then it would say that you missed your timing...
So... You would need two events, a variable and a switch.
The first event would be the one you interact with to start the game (or, rather, the timed password). This event would do a few things:
1. flip switch (timer start) on.
2. ask for input number
3. check if input number= password number
4. repeat 2 and 3 "x" number of times where "x" is the number of numbers in the code
5. check value of variable (timer)
6. if = or < 0, give failure message
7. if > 0 and if password is correct, give success message
The second event:
1. parallel process starts when switch (timer start) is on
2. initialize variable (timer) to "y" where "y" is the length of the timer
3. loop
-3a. decrement timer
-3b. wait 1 sec