Hi Zans,
Time series data is an interesting case. For example, in "insert-only" databases, you could multiply your schema C by the "time line" T, the poset of natural numbers 0~>1~>2~>.... You then enter your data into a table c in C at a given time t, i.e., in the object (c,t) in CxT. But for complex notions of time, or for temporal databases that are not insert-only, more theory may be required.
Different applied category-theorists think of updates in different ways. Some think of them as natural transformations, or spans thereof (I used to think this way), but I think of them as endofunctors F:C-Inst~>C-Inst. That way, updates are "commands" that convert instances to instances. I consider an insert update to be a pointed endofunctor, i.e., a functor F, together with a natural transformation J~>F(J). Similarly for delete updates.
Databases whose state change in time (i.e., all databases) may be understood as a log file of updates, i.e., functors, which can be composed to result in the current state of the databases. Schema evolution and queries fit nicely into this picture, because everything (change of schema, ETL, queries, updates) are all functors between instance categories.
Does that help?
David