Well to answer conceptually, your timer should likely be a subclass of UIView instead of NSObject.
To instantiate an instance of your timer in IB simply drag out a UIView drop it on your view controller's view, and set it's class to your timer's class name.

Remember to #import your timer class in your view controller.
Edit: for IB design (for code instantiation see revision history)
I'm not very familiar at all with storyboard, but I do know that you can construct your interface in IB using a .xib file which is nearly identical to using the storyboard version; You should even be able to copy & paste your views as a whole from your existing interface to the .xib file.
To test this out I created a new empty .xib named "MyCustomTimerView.xib". Then I added a view, and to that added a label and two buttons. Like So:

I created a new objective-C class subclassing UIView named "MyCustomTimer". In my .xib I set my File's Owner class to be MyCustomTimer. Now I'm free to connect actions and outlets just like any other view/controller. The resulting .h file looks like this:
@interface MyCustomTimer : UIView
@property (strong, nonatomic) IBOutlet UILabel *displayLabel;
@property (strong, nonatomic) IBOutlet UIButton *startButton;
@property (strong, nonatomic) IBOutlet UIButton *stopButton;
- (IBAction)startButtonPush:(id)sender;
- (IBAction)stopButtonPush:(id)sender;
@end
The only hurdle left to jump is getting this .xib on my UIView subclass. Using a .xib dramatically cuts down the setup required. And s
answered 2012-02-12T18:08:57.530