msc,
You are likely to have an issue with your clock idea, you will have a big problem getting accurate timing unless you sink the clock to some external (more accurate) timing device than what the processor runs on.
There is a standard issue in timing applications for electronics where time will drift due to accumulating errors. So unless you are planning on making use of a clock crystal (oscillator that runs at close to 32 k Hz) then you are likely to have issues with your timer.
Feel free to prove me wrong but thought i might save you a bit of time because i have had this problem myself.
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