Code:
~$ cat /usr/sbin/timeconfig
#!/bin/sh
/usr/bin/python2 /usr/share/system-config-date/timeconfig.py
So no, it doesn't pass any parameters to the python script. Probably reading through the python script is a good place to start.
Note that it imports the timezoneBackend module, so read this too:
/usr/share/system-config-date/timezoneBackend.py
Hint: /etc/sysconfig/clock