I liked this.  It is quite a grab-bag of unrelated timeline changes, which
normally annoys me, but in this case the story overcomes that and justifies
its own premise.

The delicious eroticism of the unusual triangle relationship between Kasumi,
Ranma, and Ukyou is the strong point.  You manage to hit a difficult balance
in your treatment between overboard citrus and boring understatement.  The
key, of course, is the development of the Kasumi-Ukyou friendship, to which
you devote most of your attention.  One potential problem, which so far you
have managed to overcome, is to keep Ranma himself interesting (some
"all-the-girls" stories treat Ranma himself as practically a non-entity,
incapable of thought).

Some of the really extraneous timeline changes, the snippets of world news,
for instance, seemed to me to not quite justify themselves in their humor.
They're quite beside the point for your story, so being amusing is their
only justification.  There's bound to be considerable difference of opinion
among your readers about how funny each item is, but I found the U.S. items
more annoying than funny, while at least one of the Japanese (kitsune
protesting an American musical ("Foxy", I take it?) in Osaka) was
worthwhile.