Yes, timely is in the scrabble dictionary

...and is worth 12 points by itself.

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Timely Definition

adjective

Archaic Coming too early; premature.
from The American Heritage Dictionary of the English Language, 4th Edition
Occurring at a suitable or opportune time; well-timed.
from The American Heritage Dictionary of the English Language, 4th Edition
Coming early or at the right time .
from Free Scrabble Dictionary
Appropriate or adapted to the or the occasion .
from Free Scrabble Dictionary

adverb

Archaic Early; soon.
from The American Heritage Dictionary of the English Language, 4th Edition
In time; opportunely.
from The American Heritage Dictionary of the English Language, 4th Edition
In time .
from Free Scrabble Dictionary

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Top Words by points

Points

timely

11

2 letter words with TIMELY

Points

em

4

me

4

mi

4

my

7

el

2

te

2

ti

2

li

2

it

2

ye

5

et

2

3 letter words with TIMELY

Points

til

3

tie

3

tel

3

tye

6

mil

5

met

5

yet

6

mel

5

elm

5

lye

6

lit

3

lei

3

let

3

ley

6

lie

3

4 letter words with TIMELY

Points

ylem

9

yeti

7

elmy

9

time

6

tile

4

emit

6

item

6

mity

9

mite

6

milt

6

mile

6

melt

6

lime

6

limy

9

lite

4

5 letter words with TIMELY

Points

milty

10

melty

10

limey

10

6 letter words with TIMELY

Points

timely

11

Found 45 words in 0.16679 seconds