Long story short, a lot of research and trial and error later I came out with two different widgets. The first just displays the time in the system's local time and the time in Zulu. The second
does the same but also displays the date.
I should have them up for download soon. In the mean time if you want one of them I can email it to you.
EDIT: Download them here: http://www.mediafire.com/?sharekey=6ae184932b00d12cd2db6fb9a8902bda