I just uploaded version 0.2.0 to extras-devel.
New in this version are two more clocks to choose from: an analog clock and a decimal clock including the date.
Currently, the date format is "dd.mm.(yy)yy".

Furthermore, it should be straightforward to create custom clocks.
Just have a look at the provided versions in "/usr/lib/advanced-clock-plugin/clocks".
To get started it's probably best to simply copy an existing clock and give it a new name.
In the current implementation it is important that the file name and the class name are exactly the same (case sensitive).
The return value of the "get_name()" function is the name which is used in the selection dialog.

In order for the new clocks being available you need to restart the status menu:
If you want some more descriptive debug output just start it as follows:
Note: this will leave hildon-status-menu in foreground, hence, you have to terminate it with CTRL-C.
Else, you could append a "&" to that line.

Edit: Advanced Clock Plugin uses Cairo.
There are a number of tutorials out there, e.g.:
http://zetcode.com/tutorials/pygtktutorial/drawingII
http://www.pygtk.org/articles/cairo-...tk-widgets.htm