Lyndisty's full name is Lyndisty Drusella. Drusella is a variant of the name Drusilla. Historically, Drusilla was the daughter of Herod Agrippa, the brutal king of ancient Israel; she later married Marcus Antonius Felix, who was himself responsible for a reign of tyranny in ancient Judea.
"Sic Transit Vir" is Latin for "thus passes Vir." This is a variation on the phrase "sic transit gloria mundi," a phrase which appears several times in Babylon 5 continuity (including the final episode of season 4). It translates as: "thus passes the glory of the world." Also, the word "vir" in Latin means "man". So the title could also mean "thus passes (a/the) man".
The dagger Lyndisty gives to Vir is in reality called a "katara," or an Indian push dagger.
This takes place from July 3 to July 5, 2260.