To simplify my reply, I've broken it up the same way yours is.
It's still a beta, remember...
I think this has been suggested before...
SPNG allows you to include timestamps.
In MSN7 you can. It works exactly like it does in convo windows.
Also, you can hide the buttons at the top of the convo window. Press 'Alt', then select Tools > Show Toolbars > Uncheck 'Standard'
Hope this can be followed easily