I found after the Froyo update I couldn't place the stock Android alarm clock shortcut on my homescreen any longer. BUMMER. However, after a little digging, I found this article on HowToGeek.com that allows for the alarm shortcut to be placed on the homescreen. It worked for me. I have a stock Transform and did NOT keep LauncherPro as an app after I finished following the directions in the article and everything with the shortcut works fine.
How to Create an Alarm Clock Shortcut on Android 2.2 (Froyo) - How-To Geek
How to Create an Alarm Clock Shortcut on Android 2.2 (Froyo) - How-To Geek