I was having the same problem, and was tasked to find a solution at work.
I ended finding talking with a developer who wrote a custom utility that can extract the time/date data from the .MPG (it's hidden in there somewhere) as a special txt file.
Here's a link to that utility: (special version for NTSC footage):http://dl.free.fr/pNo24JrdB
(Special thanks to fnx91 on the videohelp forums)
Then you import that file into a piece of software called DVSubmaker which will convert that data in a special format (.sub) used by certain DVD/Video players to display subtitles.
Here's the best 2 options for playback:
1. Windows Media Player (need Mpeg2 codec) combined with a plugin called Vobsub - Free:)
2. ZoomPlayer (DVD Software) - $60
So in a nutshell, your displaying the original time/date stamp as subtitles on top of the video.
Contact me if you have any troubles.