Answered my own question. For those asking the same question....
########## Modify The Plugin Code ##########
AdminCP -> Plugin Manager -> Plugin Manager
Custom Date & Time Formats -> Edit
In the PHP Code look for:
// ############ Date Format as Uservalue ################
switch ($vbulletin->userinfo['field12']) {
Change the 12 (next to field) to the field number matched to the User Profile Field (Field#) you created for "Date Format"
Now look for:
// ############ Time Format as Uservalue ################
switch ($vbulletin->userinfo['field13']) {
Change the 13 (next to field) to the field number matched to the User Profile Field (Field#) you created for "Time Format"
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Hope this helps