What about using individual cells for h, m, and s? Display the full time in a seperate cell by drawing data from the discrete cells. Since you're populating the cell via formula rather than direct entry you could insert custom characters between the value fields in your formula. This would also give you the option of adding a field for tenths, should you need it.
You'd have to do some if/then functions to account for field excess (i.e. if minutes are in ecxess of 60 then add 1 to the hour field and display only the excess minutes in the minute field). It would be extra work but the discrete data fields give expansion flexibility and some future-proofing to the dataset. Or you could just calculate it manually and then enter the data.
Brad