If a meaningful word can be formed using the second, third, fifth, and seventh letters of the word 'FACULTY', with each letter used only once, then provide the last letter of that newly formed word as your answer. If no such word can be formed, mark your answer as 'X'. If more than one such word can be formed, mark your answer as 'Z'.

Let's extract the required letter positions from the word 'FACULTY':
* $2^{\text{nd}}\text{ letter}=\text{A}$
* $3^{\text{rd}}\text{ letter}=\text{C}$
* $5^{\text{th}}\text{ letter}=\text{L}$
* $7^{\text{th}}\text{ letter}=\text{Y}$

The set of letters available is $\{\text{A, C, L, Y}\}$. Let's see what meaningful English words can be formed by rearranging these letters:

1. CLAY (A valid common English noun)
2. LACY (A valid adjective meaning lace-like)

Since more than one valid meaningful word can be formed from the group of letters, according to the question rules, the answer is 'Z'.