I was able to solve this on my own, although its not exacltly the way I wanted to solve this problem, it works. I would have perferred to get Excel Services and InfoPath playing nicely, but due to a time contraint I had to move forward with a different method.
I ended up using a SharePoint Calculation field to do the following calc:
=INT(([Column 2]-[Column 1])*24) (Difference between dates in hours when the time exceeds 24hours)
Note: The date/time format required is mm/dd/yy hh:mm:ss (05/15/2008 13:25)
And used the following Rule based off a checkbox in InfoPath to format the date and time of the fields as needed:
concat(substring(today(), 6, 2), "/", substring(today(), 9, 2), "/", substring(today(), 3, 2), " ", substring(now(), 12, 5))
Note: Using the Now() function returns the date and time as 2008-08-25T15:19:53, the method above converts it to the necessary format for the sharepoint calculated field to do its magic.
Hope this helps!