It works on my (UK) Tivo [running 2.5.1 software].

It displays minutes and seconds "elapsed" into the recording - which is what you wanted - in mmm:ss format e.g. offset time of 2 hours 10 seconds shows as 120:10

On my Tivo it appears above the "Green transport bar" on the right hand side of the screen and stays there all the time, and its pretty unobtrusive.
during FF & REW operations it stays "synced" to the video so you can see the offsets jumping forward or back - at 3x FF speed, it jumps in 15 second increments.