You could even do "every 0.1 seconds, add 0.1" for a more accurate time. The project also has an internal timer that starts as soon as you launch the game, but that cannot be reset between layouts.
I also found that using a very low number like "every 0.01, add 0.01" would not work as intended and tracks time slower than the project's own clock. I'm not sure if this is a bug, 0.02 still worked fine.
I made an example to test it, the 0.01 shows time slower than the rest on my end:
https://dl.dropboxusercontent.com/u/191 ... index.html
Does it happen for you too? I'm not sure it's supposed to be this way.