mellis18,
I'm not familiar with your engine, but if you have an oil pressure sending unit to give you a low oil pressure warning you could use that as a reference source to your hour meter.
Me... well.. I tied mine into my electric fuel pump. So really I have an hour meter on my electric fuel pump. So for every start on the engine the hour meter is running for about 15 seconds before the actual compression starts, but I figure that's close enough really. Heck, I don't time oil changes to the second.
Edit: Oops sorry, I see you are really interested in tracking fuel burn. I use my hour meter as a back up to my fuel guage but I consider my fuel guage primary and I have easy access to fuel so I rarely run below a half tank. Still, burning just a quart or so an hour on my little diesel the few seconds descrepancy from the electric fuel pump probably isn't too big of a deal.
Take care, DanM.