I started this thread a long time ago, and the issue wasn't resolved to my satisfaction at that time. I have since found the relationship I was looking for. It is essentially an elaboration of what atyy said. I thought I would post it in case anyone is interested. The question was whether there was any relationship between the Lagrangian expression L = T - U and the proper time s^2 = t^2 - x^2, since they look formally similar and also the relationship between T and t, and U and x, is analogous. It turns out that there is indeed a very deep connection between the two, involving general relativity!
The law of motion in gravitational fields in general relativity says that the proper time along the correct path \int ds is maximum. For a particle moving vertically on the surface of the earth, choose an arbitrary path h(t). General relativity says that the relative rate of a clock is higher if the clock is higher in the gravitational field by an amount gh/c^2. If the clock is moving, then there is an additional change in the relative rate due to special relativity which is approximately -v^2/2c^2. Therefore, the condition that the proper time is maximum will be
\int ( gh - v^2/2 )dt = max.
If you multiply this by -m, you get
\int ( mv^2/2 - mgh )dt = min,
which is exactly the condition that the the action \int (T - U) dt is a minimum. I found this in "The Feynman Lectures" (vol. II), if you want more details.