So you want the time, then the entry, and then the comments (link to comments)? You'd probably have to turn off the automatic line breaks...
CODE
<$MTDate format="%I:%M %p"$><$MTEntryBody convert_breaks="0"$><MTEntryIfAllowComments> | <a href="<$MTCGIPath$>mt-comments.cgi?entry_id=<$MTEntryID$>" onclick="OpenComments(this.href); return false">Comments (<$MTEntryCommentCount$>)</a></MTEntryIfAllowComments>
I'm not positive this is what you are asking for, but you can try this

Kristine