2 suggestions for the menubar icon:
You do, however, have the problem of needing to differentiate your icon a bit from the standard Apple analog clock. I would suggest as a complete alternative, a digital stop-watch icon that reflects the current timed task a la, for instance, Billings, which I use for time tracking.
I would like to provide my support to this. +1
I really like all of your suggestions; I would make the icon style configurable though (digital / analog), since I personally am not sure if I'd like to have something in my status bar that changes every minute.
Also the digital icon would involve more work since it would need to be rendered dynamically. So tweaking the analog icon would be the first step - if you wanna have a go at it, there are zipped Illustrator source file in the resources directory. Keep in mind however, that if you'd like to make something completely different, you'd also have to provide the hi-res version :)
updated 16px ai source file #14