Another method would be to use an event. The event would start a timer, or store a timer value based on the event. Of course, this is only available in LabVIEW 6.1, so you would have to upgrade.
The only possible issue with this is that you would have to deal with the resolution of the system clock, which isn't that good in Windows systems.
Let us know some specifics, and we may be able to help more. It would help to know why you are doing this, or what your exact requirements are (i.e. timing precision, what you are trying to time the mouse click with, etc.)