Many times, I have run into the situation where I want to display a timer that counts up or down and that can freeze to display a certain time (like when some event in the video happens, or freezing on 0 before starting).

The only way I have found to add a timer is to add the Timecode videoFX as an event level videoFx to a blank generated text media clip on the track above my intended subject media.

That only gets me 1/2 way to my solution. Why can't I apply the timecode to the subject media and then apply velocity envelopes to the subject media and have the time code slow as well?

Or why can't the timecode Fx be keyframed to start /pause / stop on cue?

Instead the timecode FX just counts like mad from the start to the end of the media it is applied to. Velocity envelopes have no affect and nothing can make the timer stop, pause, or count down. Keyframes in the timecode FX have no ability to affect the running timecode. Useless!

Not to mention that none of the timecode presets involves the ability to count down from a time, or to change the number of significant digits, or to specify the units to be used (only seconds, or Min:Sec, etc).

Is there a different FX I need to be using? Is there some other way to do this? Do I need to look elsewhere for this sort of functionality?

This seems very basic so I cannot imagine why this is not possible with Vegas 8 Pro.

Here's what you need to do:
1-open your video on a track
2-apply the timecode FX
3-save the .veg file and close vegas
4-reopen vegas in a new project and insert the veg file you previously saved.
5-voila, the timecode is locked to the video frames
6-when you're finished editting, go back and remove the timecode from the first veg file.

Here's what you need to do:
1-open your video on a track
2-apply the timecode FX
3-save the .veg file and close vegas
4-reopen vegas in a new project and insert the veg file you previously saved.
5-voila, the timecode is locked to the video frames
6-when you're finished editting, go back and remove the timecode from the first veg file.

Thanks for the tip on nesting. I keep forgetting to consider nesting whenever I have a problem (just don't even think about it).

That only solves one of the problems (matching video to time code) but what it does not allow me to do is continue to play the video while the time code freezes (unless I make a veg containing only the time code media). But that is still kind of a hack (in my opinion). I cannot change properties of the time code to alter the digits, or behavior (count down for example vs count up).

Regarding the last step you mentioned, I actually want the time code to appear in the video, because it plays a part of the content (ie someone is racing against the clock) but the format of the time code is not how I need it (why does time have a mandatory hours place? What if I only need minutes & seconds?)

Are we all pretty much working around the limitations of Vegas?

There's a veg from John Meyer at VASST:

http://vasst.com/resource.aspx?id=ff70cfe8-8025-40c0-b5dc-391224e59fad

that may help.

...Are we all pretty much working around the limitations of Vegas?
I'd say "no"... Vegas has pretty decent timecode functionality - you can display what's in the file on event thumbnails, you can create a window dub, that's what timecode is; a reference to specific locations of the content as recorded. It's important that any NLE shows the timecode laid down by the camera.

If I understand what you're trying to do, the clock you're looking for is something different than timecode, a multi-function count-down/count-up timer. You can make it with Vegas text and overlay it, make it in Photoshop and overlay it, shoot a stopwatch and pip it, or do some timecode efx hacks, the veg from VASST looks like a pretty versatile hack.

I'd say "no"... Vegas has pretty decent timecode functionality - you can display what's in the file on event thumbnails, you can create a window dub, that's what timecode is; a reference to specific locations of the content as recorded. It's important that any NLE shows the timecode laid down by the camera.

If I understand what you're trying to do, the clock you're looking for is something different than timecode, a multi-function count-down/count-up timer. You can make it with Vegas text and overlay it, make it in Photoshop and overlay it, shoot a stopwatch and pip it, or do some timecode efx hacks, the veg from VASST looks like a pretty versatile hack.

Correct, I suppose I should call what I am trying to do a clock or timer, instead of time code. Thank you all for the answers. The veg fix appears to do the trick.