There is a simple tutorial how you can create animated countdown timer by using the timecode FX in Premiere Pro.
You can do the same thing with VEGAS Pro, just that you cant nested empty event at all. I have to put a picture or video just to make the nesting step possible. After nested the timecode then you can only reverse the media to make it look like a countdown.
This kind of thing make VP a bit clunky compared to other NLE
There is a temporary method: using Vegasaur's improved "Create mnested project from selected tracks or events". And then wait for VGEAS team's fix in next build VP17 or VP18.
Actually, this feature should be optimized in last year. Why it is still not improved untill today?
It seems it is not a very hard-to-realised feature, Vegasaur just use script and extension system to finish it. Why can't VEGAS team? Basic features shouldn't be finished by third-party extensions but official team.
It is a basic native feature that many NLE possesed for a long time. VEGAS team should put on a spurt, or you'll fall behind.
Similar situation is "multi-timeline" feature. I don't know whether it is hard to develop or not. Maybe they encounterd some difficulty in VEGAS Pro's outdated internal code system.