No, this will not work on the EP1, since there are a lot of scripts that are different from EP1, but you can edit the script yourself.
To stop the spamming you have to comment a line in a particular script in the rpg maker, but is hard to find since everything is in Japanese.
I don't remember if the name of the script is name same in EP1, but it should be.
In the rpg maker you have to go in Tools > Script Editor or press F11, then you have to find the script called "高性能タイマー", open it and go to line 143, there you will find this:
Code:
sprintf("%02d:%02d.%03d", @total_sec / 60, @total_sec % 60,
$game_timer.msec % 10000)
Change it to this:
Code:
#sprintf("%02d:%02d.%03d", @total_sec / 60, @total_sec % 60,
#$game_timer.msec % 10000)
Then save it, and it shoud work.