Wow, this looks very good! However, I think the icons for the Recycler, Teleporter and Eggman Trap look ugly compared to the others. You seem to have a huge style switch with each update you make, so they look out of place.
Maybe you could add some buttons on the time icon, like a real stopwatch. That could make it look less like a recolored ring with a clock in it.
I was thinking of suggesting you to put the lap counter under the time counter, but that would overlap the Gravity Boots icon (which I think looks great) for reverse gravity-using race maps. If it is possible to move the Gravity Boots icon, this idea might be possible.
I preferred it when the Special Stage ring requirement was under the normal ring counter, if only you could move it back?
And lastly, I think you should leave the crosshairs alone. The original ones are simple and sweet, no need to change them.
Keep up the good work!