To my knowledge, there is no C function to convert absoluteInitialX to time/date. I made the erroneous assumption that you were using LabVIEW, so I can see why you would be confused. I don't use the C API, so you are outside my bounds of competence. I looked at what is installed on my machine and it appears that a fetch using the waveform datatype is not supported under C. At this point, I can only offer speculation, since I have never done this. Your solution depends on how accurately you need to know the absolute time. Relative time is easy. If you need absolute accuracy of a few milliseconds, record the system time when you take your first waveform. Subtract the absoluteInitialX value from the system time and use this as your zero point time. To get absolute time/date, add this zero point time to subsequent absoluteInitialX values. You can then use the system functions to get time/date strings. You may run into resolution issues and be forced to write your own function.
When I was paying attention to NI-SCOPE benchmarks a couple of years ago, the scaled and unscaled fetches were just about as fast. This is because the actual fetch was done in native resolution and the scaling done in a highly optimized fashion on the host. The host can usually keep up with the PCI bus maximum speed. The main issue is just the data size. If you are streaming to disk, this directly relates to speed, but is otherwise not too much of an issue. Things may be different now, since the optimization never stops.
The niScope_wfInfo structure is identical in all the fetch types, so you will need to convert it as I mentioned above.
Hopefully this has been somewhat helpful, even though I didn't really answer your question. I will send a query to a couple of our C guys and see if they can give you a better answer.