Not sure I follow (been a long couple of days). Do you mean replace the daemon's interval call back with this timing loop? I ran a simple test and it does seem to stay accurate to the second.
The other approach I had considered was to test for how much the timer had drifted at safe periods, then pause and resume the service to get back on synch. It doesn't elimate the problem, but allows me to specify where it skips ahead to the next minute. This would eliminate the risk of my missing a significant time period.
