Generally, the answer is "no". Most motherboard manufacturers license the BIOS source code from Phoenix/AMI/Insyde, and then tailor it to their specific motherboard implementation. The BIOS gets compiled to a binary, it is loaded into the motherboard flash chip, and that's it.
To modify the BIOS, you would need access to the BIOS source code. The motherboard manufacturer is unlikely to give that to you (they are probably under NDA). You could license the original source code from the BIOS vendor, but that is quite expensive (typically tens of thousands of $$$). Also, the source code from the BIOS vendor will be missing any motherboard-specific customizations.
Now, with the introduction of newer UEFI-based BIOSes, they have gotten a lot more extensible and standardized between vendors. It is now possible to develop pre-boot applications that live in the flash chip alongside the BIOS. However, the timer feature you are looking to implement is rather low-level, so this does not help you.