Yeah, 1 - 10 ms resolution is technically enough for RMXP (unless you want to actually use the 100+ frame limit) but still, 1 - 10ms is really low resolution, unless of course you do what neobahamut did, which is average over time (I still say you should average over a number of frames, not over time). If you have a high resolution timer, though, you can get the actual framerate for any given frame, not just the average over time.
Also vgvgf the way you described to use the Time class is already how neo bahamut did it :P
I did it a different way, I retrieved the floating point representation of the unix timestamp and worked with those. Either ways works the same. I haven't looked at the source code but that's actually probably what time - othertime does internally.