I had a friend look at the code a while back. He couldn't get it to work and he is a programmer. He figured it was the actual clock device that had bad code behind it, not setclk. Unfortunatley we don't have that source I don't think.
I just cheated and put ntpdate in my startup rc.inet. It wont deal with clock drift, but at least it gets the time right at startup. :-)
Nice to see you are still around Failure. I still check the wiki from time to time.