The Convert Time Field tool is being used with a number of other tool(s) in a stand-alone python script that will later be combined into a batch file for easier processing.
The code that I am using to convert the raw READING_DATE field to the text file is this:
arcpy.ConvertTimeField_management(ELECTRIC_METER_READING_RAWDATA, "READING_DATE", "'Not Used'", "READING_DATE_CONVERT_TEXT", "TEXT", "MM/dd/yyyy;1033;;")
Last time I tried to run it with only about 8,000 rows, it took about 25 minutes to run.
This is what it looks like when its finally done: