If anyone's using this but still wants a coin counter or life counter in a level (or other counters if you modify it), you can use/modify the counter level Uber here: https://www.smwcentral.net/?p=viewthread&t=120371&page=1&pid=1596107#p1596107
The timer is affected by colour maths by using palette F instead of palettes 8 - B and there is no define to set it within the patch. In addition, it may be a good idea to add in some other flags with the status bar such as only disabling the timer but not the display or both (the only way to do so is within Bowser's battle). Speaking of Bowser: His battle is not fully compatible with the timer in the sense that while it works with the battle itself, the ending message and firework will glitch up.
Other then that, this is easily usable even if it will disable the rest of the status bar.