To be clear, a MIDI message of 0xF8 is a MIDI Clock message, not MIDI Time Code. MIDI Clock messages are a measure of musical time must be sent 24 times per Quarter note. That timing stretches, based on tempo. On the other hand, MIDI Time Code is a measure of hours, minutes, seconds, and frames (of film or video).
If you have a flashing light for tempo, say at 1/4 notes, you would have to measure the timing between the flashes, then send 24 evenly-spaced 0xF8 MIDI Clock messages between each time the light flashes. Then when you start to record or play you have to send a Start message. Then there are Stop and Continue messages as part of the total mechanism.
Mike.