If it's just a matter of wanting to capture the string programmatically, you can bind *out* to something else before using time.
user=> (def x (with-out-str (time (+ 2 2))))
#'user/x
user=> x
"\"Elapsed time: 0.119 msecs\"\n"
If you want more control over the format, then you can create your own version of time using Java's System time methods, which is what the time macro uses under the hood anyway:
user => (macroexpand '(time (+ 2 2)))
(let* [start__4197__auto__ (. java.lang.System (clojure.core/nanoTime))
ret__4198__auto__ (+ 2 2)]
(clojure.core/prn (clojure.core/str "Elapsed time: " (clojure.core//
(clojure.core/double
(clojure.core/- (. java.lang.System (clojure.core/nanoTime))
start__4197__auto__)) 1000000.0) " msecs"))
ret__4198__auto__)
Take that basic structure and replace the call to prn with whatever reporting mechanism you would prefer.