Mixing noun and verb in conjunction

Having a watch is essential for looking good and timeliness.

Disregarding the content of the above sentence, is it grammatically correct? To me it feels improper that "looking good" uses a verb, while "timeliness" uses a noun.

I’d rather see

Having a watch is essential for good looks and timeliness.

or

Having a watch is essential for looking good and being on time.

If it is indeed an error, does it have a name? How would you describe it?