Actually, this can be made to only one keystroke combination if you are an AutoHotKey user. AutoHotkey allows you to set up macros that combine two or more keystrokes into one script file which is really easy to write. See http://www.autohotkey.com/ for details on this handy little app.
Anyhow, here is the script I use to make the Ctrl+Esc key combo fetch *and* paste the timecode into any document I am working in (unlike a Word macro, this script is not limited to Word but can work in any app):
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^Esc:: ; Get the time from Express Scribe and paste it to the cursor
Send ^+t
Sleep 500 ; Allow the fetch process a moment to work before pasting into document
Send ^v
return
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In this script, I have the time fetch hotkey in Scribe set up to be Ctrl+Shift+t, but you can change it to whatever you want.