Sometimes it pays to read the user contributed notes that are part of the Drupal documentation. If I had done so intially, I would have been done long ago.
The task was to customize the node display of an event to include a "time" only field. Since the date and time were stored as part of the same CCK Date field, I needed to somehow format the date value to use the time only format string such as: "g:i a"
I setup the custom format in my drupal admin.
I added my format first: