I think it's virtually impossible to update the label at 1/1000th a sec.
The code below isn't far out, using a timer tick of 100
Test done on my laptop, 1.73Ghz processor.
B4X:
Sub Globals
txt=0
'Declare the global variables here.
End Sub
Sub App_Start
Form1.Show
Timer1.Enabled=True
End Sub
Sub Timer1_Tick
txt=txt+100
lbl0.text=txt
End Sub
Run the .exe on your desktop/laptop.
Enter a T1 of 1. Hit go. there's a 3 sec delay, then T2 starts set at 1000 and T1 starts.
My result is 64. That's 64 out of a 1000 ticks.