:: G R A V I T Y ::
-------------------------
<font color=orange>+ System: global('collision') Equal to 0</font>
-> System: Start loop "gravity" and run 1024 times
+ System: On loop "gravity"
+ System: Object.Bottom - Ground.Top Greater or equal 0
-> System: Set global variable 'collision' to 1
<font color=orange>+ System: global('collision') Equal to 0</font>
+ System: [negated] Object (Pick) and Ground (Pick) are overlapping
-> Object: Set Y to Object.Y + (1 * TimeDelta)
The second one is a redundant condition, you already compared 'collision'. In this scenario (without knowing the rest of your events) Object.Y will grow by 1 pixel per second (1 * TimeDelta) as long as 'collision' is 0.
also, i'm not sure of what the exact value of timedelta is supposed to be, is each time delta something like 16.666~~~ milliseconds?
There is no exact value. Timedelta is a value expressing the time passed since the last tick (may also call it frame) in milliseconds. This time varies depending on how many events needed to be executed in the last tick, how many other processes took time (e.g. some access to the graphic card by a browser), etc.
So this value will be slightly different on each tick. But you can rely on the sum of TimeDelta. If your game runs with 60 fps, then adding TimeDelta 60 times will result to 1. And 1/TimeDelta will give you the actual framerate - but only valid for that time of moment.