I currently using Linux Lite 2.0 x64 in live mode.I previously set hardware clock to localtime but LL displayed incorrect time at system tray.It seem Linux Lite didn't have time adjusting menu too. :(
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I believe the Live version will display US time until you do an actual install.
Even installed to hdd it still display incorrect time.Now I found the solution for this problem...
1. Add "Clock" plugin to the tray then edited it's properties
2. Fill "localtime" into Time Zone field (in it's properties window).