In my opinion you should add some more bars instead of tucking away the time control, graphics settings, display settings, orbit/marker/display object settings, and lighting into the gear.
Time control, I realize, should have been in it, yes. I think there should be a button in the side bar, clicking it would expand it to the right to show all the time controls. Maybe I'll make a mockup of that sometime. But really, how often do you use the other options? Anyway, they would only be one click away - Clicking on the gear icon would simply expand the side bar to show every control. It's just one more click for those features which aren't used a whole lot, and it would make everything a lot cleaner.