Timecode Display

Due to the exorbitant cost of external Timecode Displays I'm going to build my own.

Which is the best source for the timecode data? Should I take the MIDI out convert that to what's required for the display or should I take the clock out signal?

I'm going to amalgamate a number of different electronics projects; one that creates an 8 digit display from 7 segment leds, and another that has yet to be created but I'm thinking a MIDI Timecode reader and trigger with an interface between the 2. Guess that answers my first question.

I'll be using the Arduino microprocessor kits to manage the hardware and code for the build.

Jump on board and give me any and all advice (except to not do it). I've already got a lot of the hardware and starting to catalogue my resources for not only the build but for the software coding. There's lots of cutting and pasting I can do as my project already exists in various forms but not joined together for a common purpose. Yet!

I have all the necessary tools like power supplies, tone generators and an oscilloscope and a collection of components for the build so now all I need is learn how to make it as I go along.