Answer:
My first keeps time, my second spends time, my whole tells time.
Take off my skin, I won't cry, but you will.
Though not a plant, has leaves. Though not a beast, has spine. Though many wouldn't need this thing, It's more valuable than wine.
When set loose I fly away. Never so cursed as when I go astray.
I'm not really more than holes tied to more holes. I'm strong as good steel, though not as stiff as a pole.
It weighs next to nothing but no one can hold it for long. What is it?