You can go as low as 0 for timer intervals.
But I find that anything below about 33 (30 frames per second) does not seem to speed things up when working with the Canvas, anyway.
If the blocks inside a clock timer block cannot execute within the time specified by the interval value, there will be a delay before the next iteration.
So you could not use a counter inside the timer block to make an accurate clock as it would lose time.
Think of the interval value more as a 'goal' or possible maximum, but not a certainty.
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sf