“Can Alltock work just like the Mac system clock menu so that it can be dragged on the menu bar?”
Mac OS X applications are allowed to add menu items to the left side of the system portion of the menu bar. Unfortunately, these menus can't be moved by the user.
“Can Alltock for Mac be a system preference like Date & Time?”
Nope. It’s an application. Remember, Alltock doesn’t actually change your system time, so emails, files, and other critical items are not affected by an inaccurate clock.