timecode like stopwatch with millisecond timer (not SMPTE)

The timecode effect is very nice but when producing a video that measures timing/latency, it would be nice to have Format option for hh:mm:ss:ms (ms=milliseconds), not the very misleading SMPTE hh:mm:ss:frame. The frame is confusing for public and engineers/scientists. 

Also it would be great to have a reset button in the Effect controls to reset time to zero at the playhead.