Yes, that's how many seconds would pass on the clock that near the event horizon compared to 1 second passing on the far clock. And even less time would pass as you got closer. At r = 2 no time would pass. But to make a good book you should get the help of an interested physicist. Maybe like Lawrence Krauss at Arizona University.

And I bought that book for $37.50 at Border's Book Store sometime after 2000.

Dear David,

Thank you for your reply. Unfortunately, I need further clarification here too. What does 0.00707089 correspond to? Is that how many seconds of my time near the black hole passes relative to my friend's at a safe distance?

I looked into your book on Amazon ($175!). Remember -- I'm a graphic artist and haven't done algebra in twenty years. I can tell you the difference between Helvetica and Helvetica Neue, or make you a darn good logo ;-)