I don't know my experience can be helpful to you or not, but it is my findings.
If you make use of the matchbox and use the 'Settings -> Date & Time' or equivalently : datentime.py in console prompt (for all other windows manager), you can adjust the date time PERMANENTLY before you have taken the battery out on reboot (i.e. warm boot the zaurus you still keep the date / time upon kernel initialization)...
Maybe there are some tricks in the datentime.py applied in housekeeping the date/time, you can investigate that further inside....
About the timezone, isn't it to be kept by the env'tal var "TZ"? I am quite confused....