Thank you both for the feedback. I got home tonight and tried the different delays and what do you know, the speed of the on board LED changed! 
I looked at both segment LED's and decided on http://www.sainsmart.com/sainsmart-1602-lcd-keypad-shield-for-arduino-duemilanove-uno-mega2560-mega1280.html.
Now I'll just need to add on a sensor that will start my clock and do a little programming and I'll be set. Any suggestons on sensors for starting the race? IR, Laser? Something easy and cheap!
Thanks again,
Nick