You have a "changed" function which will give true far a defined time and should fit exactly your need
Use something like that in the visible property :
if([DataCorePlugin.GameData.NewData.IsInPitLane] == 0 && changed([DataCorePlugin.GameData.NewData.IsInPitLane], 1000), 1,0)
Tried but it didn't work. The text element I added is never visible.