The timing diagrams show that you should use the falling edge of the clock to change data/control signals. However, the hold time is specified from the rising edge. With a period of 10 ns, you should be able to satisfy the hold requirement when launching data on the falling edge (5 ns delay) + clock to output delay and delay on your board. The output delay constraint is indeed nonsense
The hold time (T4) is the time you must keep the data line stable after the rising clock edge. It is 4.8 ns. Then there's 4.2 ns window when you free to change the data. The new data must get stable 1 ns before the next clock, which is the setup time (T3).
4.8 + 4.2 + 1 = 10 (the period).
If you drive the data back straight from the IOB flop using the FTDI clock, this will be fast enough to meet the setup requirement, but the data may change whole lot faster than 4.8 ns. If you insert a delay to circumvent this, you will no longer be able to meet the setup requirement.