Optimized as follows: Didn't realize I was trying things that wouldn't work because of limited functionality.
void elapsedTimer() {
int m,s;
unsigned long getTime = millis();
char time_str[7] = "";
m= getTime/60000;
getTime=getTime%60000;
s= getTime/1000;
sprintf(time_str, "%02i:%02i",m,s);
display.setTextColor(WHITE, BLACK);
display.setTextSize(1);
display.setCursor(0,57);
display.write(time_str);
}
This timer will never need to run more than 15 min.
My next task will be to try to start this timer on a variable state change, and have it count from that point up, not from the time the sketch started. That should be easy enough I hope..