Labview isn't cheap, but it would certainly allow you to build a program (set of vi's - virtual instruments) that would do what you describe. Where would the timecode information come from? Your vi, or program, would: Start up, initialize the serial port, loop until a trigger happened, read the timecode (from where?), output that timecode out the serial port in a loop until you pressed the stop button. There is a free evaluation of Labview software available from NI - the base product itself runs about $995.
- Dave