I have no idea how to use Motion, and I don't think that you can do it in FCP, but in After Effects, I would apply the "Numbers" Effect to three layers, one for hours, one for minutes, one for seconds, then have each of them count appropriately. Also, two layers with colons in between the counters.
Make the text red, apply a glow and you're good. Also, maybe add just a plain text layer below it all in a very deep red that reads 88:88:88 so that it looks more realistic.