timer/counter

How would I use a timer/counter combination to count # of times I am waiting on a board per hour and what that average wait time would be?

Not sure what you mean by "waiting on a board" but I would firstly set up two timers as a 'flip flop' to go on/off every second (set each timer to 0.5s and have one turn the other off etc).

Then use that 1Hz pulse into a counter which will then be counting seconds.

I would then set up the "waiting on board" signal to go to another counter.

Use a comparator to check if the first counter is at 60 (i.e. 1 minute).

If it is then take the "waiting on board" count and do whatever maths you need to do (you mention 'average wait time' but not sure of the context of that) and load that into wherever you want to store it.

Then reset the two counters and off you go again....

Obviously you can change it from a minute to ten minutes etc as per your requirements.

In addition to uptown47's suggestions use an RTO to accumulate time while the wait condition exists. At the end of the hour, assuming at least one wait condition occurred, divide the RTO accumulator by the count to get the average wait in milliseconds. The reset the time as well as the other items.

Have a counter that counts up every time it waits for a board.
Have a Retentive timer that times whenever it is waiting.
Have a TON that resets itself every hour.
When the timer is done, move the counter.ACC value into a dint tag called WaitsLastHour.
Also move RetentiveTimer.ACC into a dint called WaitingTimeLastHour.
after moving the .ACC to WaitsLastHour, reset the counter.ACC to zero.
Now you have two options, simple and intermediate.
Simple:
Intermediate, will give you a more up to date reading: