This line can be read in two ways (at least). On a first pass—at least this was very much the case for me—it reads with “please” as an adverb, as it is often used in requests or questions. There is a problem then with “its” which is read as “it’s” as in “it is time.” But this error feels fitting—the repetition of the line and its formatting in all caps create a sense of urgency, a rush from which this mistake could ensue. It feels that punctuation has been omitted in a similar fashion.
But “its” could also be read as is, in which case it is a possessive pronoun—“time” belongs to “it.” “Please” is then an imperative verb. I am leaning towards this reading, as it feels slightly hidden (quite Eliot-like), and plays into the question of agency I have been exploring in a number of my annotations. 
So what is the “it”? I think “it” refers to some greater force, power, or overarching structure, and here it feels clear that this is the game of chess—which is often played with time constraints.
Chess appears to be ruling this section of the poem, especially the parts pertaining to women. I find chess very interesting in that, in looking at its set-up, it is suggested that the queen, as the most powerful piece (being able to move as she does), should be the most secure. Yet the rules define winning as capturing the king. The queen’s role is one of sacrifice, to protect the king, and in doing so almost always meets her demise. The women referenced in “A Game of Chess” follow this arc. They hold the immense power of “love,” but somehow this is, in each case, twisted to serve men and then lead to their death. It seems that Lil will meet a similar end, with the last line on page 59 being a reference to (some of) Ophelia’s last words (where she is speaking about herself?). The ties to Middleton’s A Game at Chess and its sexual interpretations of the game link these two ideas more firmly.
In Pound’s The Game of Chess there is a pattern of lines on the page that repeats four times. It is a sequence of one line and then the line below it being indented (a couple times?). The space, notably, forms a clear “angle” and an uppercase “l” if rotated 180°. This pattern/spacing, even exaggerated a bit, is replicated twice with lines 117-120 in “A Game of Chess.” This stands out against the formatting up to this point. Now the section is physically fitting into “the game.”
Eliot made the title “A Game of Chess”—not “The Game of Chess” (Pound) or “A Game at Chess” (Middleton). “A Game of Chess” feels more open and less defining than “The Game of Chess.” There is some room. But “A Game at Chess” feels more action-oriented. As always with Eliot, I feel there is back-and-forth.