A valve can be simulated in numerous ways with Lookout. If you are simulating a valve that is just open/close, then a switch object is one method. If it is a control valve, then an expression object could be used that ranges from 0-100, for 0-100% open. But really, the possiblities are endless.
As for returning time, Lookout has a "Timers" directory of objects that should hold what you are looking for, including an "ElapsedTime" object.
Regards,
Greg