Can I use p-test or F-test to test for significance in this example?

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I'm confused at why there would be limitations to using one test or the other

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The question is a little vague. Generally, in simple linear regression $$ t ^ 2 = F, $$ hence it does not matter which one to use to test significance. However, as this problem describes a simple linear model that was fitted for a time series, the $\epsilon$ may bear an auto-correlation of some order, hence the $t$ and $F$ statistic are not really distributed $\mathcal{T}$ and $\mathcal{F}$.