In Premiere Pro 2, I created a time line that only had the time code effect on a color matte. I would then put this time line into my video time line and select a duration of play in reverse. This would effectively give me a countdown clock.
I just upgraded to CS3 and noticed that the time code effect now ignores the play in reverse function.
Any one have a work around. I'm going to hate to rebuild this with a title ever second!
If you have the production suite, you can use Dynamic Link....copy and paste your clip into After Effects in a composition. Apply the timecode effect there and reverse your clip (this works the way it's supposed to work). Then import that composition into your PPro project. It's one way to avoid rendering and also allow you to continue altering the clip without always having the timecode effect downstream.