Are you sure it's not just the fact your OS is so fast it's suffering relativistic effects? 
Seriously though, Isn't SetClockNTP* (C: command) what you want? If memory serves that's been around since long before 2.7...
-edit-
*Sorry, late to the party, I see that's been pointed out already.
SetClockNTP works just fine. I did not know it existed, so that's good. The underlying problem remains, however, that as MorphOS runs on this box it loses time. I'm going to try the scripted method for fixing that -- I suppose there's no "cron" in MorphOS?
Which brings up another issue. If the network cable is not connected, I cannot get the TCP/IP stack to pull an address from DHCP once it is connected. ifconfig down/up does not trigger DHCP, and dhcp is not a valid argument to ifconfig. How do I tell the TCP/IP stack to pull a new DHCP lease?