Is this clock intended to be a running reference timecode for someone to accurately identify points within your video, or more of a "sports" type clock where its referencing elapsed time in an event of some sort? I ask as you note needing "minutes and seconds" only (which suggests the latter) as opposed to needing a "minutes, seconds and frames" which would suggest the former.
If its the former then you want the Timecode Generator (or Timecode Reader) as noted above, or also as noted, the timecode filter in Compressor.
Thanks everyone, and yes, I only need minutes and seconds. I'm cutting a piece that lasts 4 minutes, bu we can only show 2 minutes, and we don't want to mislead the viewers that the event (the replacement of a DLP lamp in a DLP TV) took less than the time it actually took.
Before we got the Digital Heaven plug-in, what we did was shoot an actual digital clock display and luma-key a cropped version of it on a separate video track. Tedious and wastes storage space, but works.