There has been a patch by Chris Wing (enhanced by Jarno Huuskonen and a tiny bit by myself) to drop root privileges. This can be done because kernel capabilities allow you to keep the rights to change the clock. .src.rpm against the latest is available at http://www.netcore.fi/pekkas/linux/. This requires kernel >=2.2.18 and libcap package (available at the same location).
This would be very nice to have in the next release. I've been running this quite stably on dozens and dozens of servers for many months now :-)