The timer is fine once you understand what it's actually telling you.
Argh - no, no no no no!
This is so very very useful for explorers in the current implementation, we can drift our aim a little to see one (or multiple) target(s) beyond our current one, and see the distance to start planning our next planet to visit without unlocking (and losing the built-up scan) our current target.
If this changes, then it will break exploration even more than it is already is.
Just because you don't use it, it doesn't mean that it's not an exceptionally important feature to other people!
-- Pete.
I was thinking more of an option either combined with or alongside the 'no orbit lines'
But even so, how on earth would it break exploration? Whilst locked / scanning, you can check the left nav panel to plan your next target if you so desire.
If that was the case, then perhaps bounty hunters should see xx,xxxCR next to each target or pirates should see a list of the commodities on board, right in the centre of their screen, lol. Except for these tasks, you have to use the left panel, which makes sense.
The information is all there to view on demand already, without it having to look like this mess constantly, just in case you want to see info on one of those:

But this is kinda off-topic, sorry about that OP.