If you could live with 5 minute resolution then, I think, it is doable - easily. In the same way that 12 hours fits into the upper nibble, 5 minute increments fit in the lower.
It may also be possible to use the memory location as a partial bit - if location is even then AM, odd is PM or some such. I have not the will or the expertise to work out such a solution, but if program space is not the issue... Using the example above, it may be that you can differentiate 11:14 from 14:11 by its location? Or, perhaps you need only store the hour once every 10, 15, or 60 bytes, then use the bytes in between for only am/pm and minutes.




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