Uh, you can do whatever the seed says? I'm not totally sure what you're asking though. :(
It gives you a time to start the game. You need to do it at that time. :)
Depends on your DS model. If you are using a DS Phat or Lite, you start one second early, ie. 16:49. Likewise, for a 3DS you would start at either 16:42 or 16:43. I'm not very knowledgeable about the 3DS delay, but I heard it varies between 7 ad 8 seconds. I dunno about DSi though.
Also 16:50 is different from 4:50. 16:50 is 4:50pm, not am.
OK seems like there's some confusion here. For example, your seed is 16:50:50. You'd start the game on your 3DS at 16:50:42 to account for your eight second delay.
Yes?