I like having the FPS on screen, but, it would also be handy to have the time every now and then. How about a button which you can press whilst racing to switch them over?

i would like to have both displayed at the same time

or what about a button you hold which changes it whilst the button is held.

So, if FPS is displayed for example, and set the hotkey to the INSERT key and hold it down, it changes to the time mode, until I release the key again. (and vice versa).

uh.. there is isn't there?

i'm pretty positive it does that, i just dont remember what key that is right now

Ctrl+shift