1) With the ProcessBook Preferences Dialog (Tools -> Preferences) you can specify how Timestamps are showing within ProcessBook. You will be able to disable sub second Timestamps but not disable hours, minutes and seconds.
Within the Define Trend Dialog you have the choice between "Full time stamp", Partial time stamp" and "Relative time stamp". The formatting will depend on the period (start time -> end time) you defined / the user selected for the Trend.
2) The Y-Axis scale(s) always show on the left hand side. Within the Define Trend dialog you have different scaling options, as general options and individually for each trace in a trend. With "Single scale" you choose a single scale for all traces. With Multiple scale, the scale of each trace can be specified individually by choosing a "Format" for the selected data item.