Is "1:2.345" a valid time, or must it be "1:02.345" ? Also, can it be "1:23.34" (or less) or must exactly 3 digits follow the decimal?
It looks like your pattern should work just fine, although I might add '' and '$' so that the time can not contain other data.
EDIT: Oops.. both of you posted while I was typing/messing with the pattern. :o