Ham, not in general because only if the load is a pure resistance is this ratio constant. I would just call characteristic impedance Zo, and I would call z(t) nonsense.
The simple fact is that impedance and reactance are not defined for instantaneous equations. Furthermore, impedance and reactance are defined only for sinusoidal waveforms, and v(t) and i(t) may be of any shape such as step functions, sawtooth waves, etc.
The reason I started this post is that some believe this ratio is useful, and I wanted to disprove that belief.
Granted, a knowledgeable person can compute a value of Z from Vm and Im and can extract the impedance angle from the equations, but Z cannot be used with v(t) and i(t) unless Z=R.
Now