Experimenting with better time keeping (non-RTC)

It is pretty well known that the Arduino time keeping code, related to the millis() function, does not align exactly with the 16Mhz clock.

It is even better known that millis tracks the 16 MHz processor clock perfectly.

millis() uses the 8bit Timer0, and 16,000,000 is not perfectly divisible by 256.

Correct. But the millis code accounts for that fact.