At the moment there is no way to tell In-Game time, but you can tell real time by typing /localtime
As for question 2, you can only Skin the UI currently, and are unable to create modules or edit the UI in any fashion. This may change, but as to when *shrugs* everyone will find out at the same time hehe.
You asked if you can create commands, so I am assuming macros? They call them aliases, and here are a few links to get you going...
On the official LotRO forums...
And on LotRO Warcry (if this isn't OK to post here, please remove it!)
Hope that helps!!