Hi Mike. No, currently the date fields are only dates. I don't even think there's been a feature request for a time field (you may file one if you wish: http://code.google.com/p/wordpress-custom-content-type-manager/issues/list).
A workaround might be to use a dropdown field, or if you're up for it, you can create your own PHP class and implement your own type of custom field (see http://code.google.com/p/wordpress-custom-content-type-manager/wiki/CustomCustomFields).
Yes, you can sort on the date fields (the MySQL date format is good for sorting). If you use the Summarize Posts stuff in your template files, this can be accomplished by setting the various parameters to the get_posts() function: http://code.google.com/p/wordpress-summarize-posts/wiki/get_posts).
If you want to sort in the manager, then not quite yet -- I've got custom column stuff being worked on in the dev branch, but the sorting on custom fields is obviously something the WP devs never considered, so the workarounds are tedious, but it should be in there by 0.9.6.
Hope that helps.