Time is a bit of a problem because (unless you are doing a count down to some wall clock time) it's difficult to predict how long a long-running process will take. Instead, think of some other measure to report (% complete for example such as RecordsProcessed / TotalRecords.
For something like a query, where its difficult to get any information back from the out-of-process activity, you may want to look into the animation control in COMCTL32.OCX (there are also 3rd-party controls) that display animations like the animated graphic that you see when you do a long running copy or download a file from the internet.