Well, given that I run games that are set in the 17th Century (my homebrew), the Iron Kingdoms (even the pocketwatch exists), and an OGL Steampunk game set in the 1880s (chronometers exist), I would have to say - yes.
The typical D&D game uses tech from the 14th Century, so large, cumbersome, inaccurate clocks powered by weights should exist. A cardsock model of such clocks exist, and can be found in toy stores for around $10 or so. I should believe that between dwarfs and gnomes the accuracy would be increased.
The Auld Grump