I'm sorry, but I don't quite understand the question as it relates to the time-averaging feature. I don't exactly know off-hand the method by which the RS meter makes the calculation. I believe it is akin to equivalent level, as I mentioned above. But I would have to check the instruction for the RS meter to be sure. And even then, I cannot remember what kind of detail it has. I can tell you that the time-averaging for sound level meters tends not to be a straight numerical average. It is typically an energetical average. So, if a sound fluctuates quite a bit over the selected time, the average will be on the high side compared to a numerical average. However, in the contexts of test signals used to calibrate home theater systems, the fluctuations should not be that great and the average will be a very useful quantity.
As for rounding, I believe the time-averaging feature would be more helpful in this regard. E.g., if one channel measures 75 dBA using this sort of feature, then another channel should be tweaked to match the 75 dBA (as appropriate) using the same sample time. IMO, this will be more accurate than simply using a meter (analog or digital) and trying to eyeball a match. Specifically addressing your question (I think), I would be more worried about 74 dBA actually being 73.6 dBA and 75 dBA being 75.4 dBA than I would about your comparison. An almost 2 dB difference is much more significant than 0.4 dB. This again would be a vote in favor of time averaging.
I hope this helps!