This is just a guess, but if the modified regexp that you posted is able to display elapsed time from mencoders output (..it is), then I think the regexp is no longer the problem... that is, setting of the elapsed time only happens if the output of mencoder matches the regex (line 867 only happens if line 866 evaluates to true).
This means that the remaining problems lie elsewhere.. ..most likely in the handful of lines following. I think the issue is just that the $4, $6, etc numbers are wrong. I'm going to modify these and see if I can get it working with your regex.