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Sport Billy had a bag in which he carried miniature pieces of sport equipment. He would pull out, say, a matchbox sized sports car, and by some deep magic it would inflate to normal size and help him on his way.

The clock was definitely a time machine/spaceship hybrid, that much I can remember. Billy came from the planet Olympus to teach Earth people how to play fair in sports (1). He also battled Queen Vandar and her henchmen who wanted to destroy sport (2).

(1) http://www.bcdb.com/pages/Filmation/S-Z/Sport_Billy/
(2) http://tv.cream.org/arks1.htm