One-time pad is just a generated key used once. The "time machine" will break it by trying out all keys in the key space in the time loop. If time is not an issue, brute force method pretty much breaks any crypto.
Another use for backward time travel is data compression. To compress a file, you simply replace its contents with a note saying when you did this. When you later want the file, just pop back to that time and get it.
This also greatly simplifies backup systems.
That's not actual decryption. You can do the same thing without time travel too, e.g by hitting the guy.
The key is very short, only five letters, so it should be pretty trivial to brute force. Can you tell me what the message is?