Since you already have a timer control, you can obtain the initial time count (in seconds) with Timer() and store it in a global variable and next compare it in you timer callback with *(double *)eventData1, which returns the actual time count (in seconds too) at the moment the timer event is fired: when the difference between the latter and the former becomes > 1 you can update the indicator on your panel.
I agree with jimmidude that the real pace of timer callback is not predictable under Windows, but maybe the countdown update is not so crucial to your application (a way of informing the operator that the program is alive or so).
Roberto