Resolution:
** Setting timestamps for trace files:

    1. Set the RTTIMESTAMPOUTPUT environment variable to any value (if it is defined at all then timestamps will be active)
            For Windows - set RTTIMESTAMPOUTPUT=1
            For Unix - setenv RTTIMESTAMPOUTPUT true

    2. When launching RTserver redirect the output of the RTserver to  file.
            rtserver -verbose  > rtserver.out
    NOTE:  You must redirect standard out since in 5.x the timestamps do NOT appear in the .dbg file. They only get added to stdout.

* Setting timestamps in log files (those created using log_in_data, log_out_data, log_in_clients, etc.)

      Set the RTMSGFILETIMESTAMP environment variable to any value (if it is defined at all then timestamps will be active)
            For Windows - set RTMSGFILETIMESTAMP=1
            For Unix - setenv RTMSGFILETIMESTAMP true