I’ve noticed that cooldown reduction affects mastery and devotion skills, but does it affect granted item skills as well? When I look at the item the skill recharge rate doesn’t change when I equip cooldown reduction items (whereas the tooltip for mastery and devotion skills update accordingly), but I’m not certain if the item display simply doesn’t update or if cooldown reduction doesn’t affect item skills. Does anyone have a definitive answer? I have a couple build ideas in mind that depends on cooldown reduction affecting item skills.
Unfortunately no it doesn’t
Sadly it doesn’t, and it would probably be too overpowered if it did. I honestly think its too powerful just effecting Devotions, and I am betting it will be nerfed in the near future, especially with the new Hourglass proc enabling 100% CDR for any build for it’s duration.
Oh dang, there goes my plan of making a doom bolt proc build. Oh well, thanks for the help. Was looking forward to epic doom bolt storms 
You can still do that easily enough, ironically the new Hourglass devotion does that near perfectly for you actually. New hourglass enables 100% CDR for it’s duration, is easy enough to ensure won’t kill you (Turtle devotion + Hourglass devotion is without a doubt now the most broken synergy in the game, with Dryad being a very close second behind that Turtle), and you can easily pick up Dying God as well for the massive chaos+vitality damage amplifiers.
http://grimcalc.com/build/Jn6IjF
Here is a grimcalc link to the basic idea. Grimcalc isn’t updated to the new stuff yet, but this easily shows what you could aim for. I’d probably consider the Shield Devil’s Grin pretty good, and the Clarivoyant’s set. Between both of those, you would have +3 Occultist, and +2 Soldier, and you still would have your belt and amulet that could give you +class ranks. You want to use a shield, because you want to have Mhinir’s Will go off when you do get low on hp to heal you back up to full automatically. You basicly will just have Doombolt and Sigil for damage, but will have an insanely low Doombolt CD, and it should be very easy to cap out it’s overlevels to 22/12. You could also go for Fang of Ch’thon as your main hand weapon, and just pick and choose legendaries for other slots as you see fit instead of going for a set. Overall you have a lot of itemization options.
I tried Time Dilation with Blast Shield and it sucks; it doesn’t affect skills already on cooldown. It works moderately well with 1-point Mirror.