From my experience with our insurance providers, no timing is allowed per the rules whether it's self contained or uses a beacon at driver instruction events. It all depends on what type of coverage the organizer purchases.
Back to the subject, I have read about people using the wrist watch type GPS units. My wife has one for running, and it will display lap times and even a map when you download the data. There is also some software available for free online that will take the data from the GPS and produce lap times, track map, etc. This is a Garmin Forerunner type unit. It could be worth looking into for events where it's allowed.
Here is a link to some information:
http://www.engadget.com/2004/04/23/p...and-satellite/
Ken