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 [itex]L = T - U[/itex] and the proper time [itex]s^2 = t^2 - x^2[/itex], 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 [itex]\int ds[/itex] is maximum. For a particle moving vertically on the surface of the earth, choose an arbitrary path [tex]h(t)[/tex]. General relativity says that the relative rate of a clock is higher if the clock is higher in the gravitational field by an amount [itex]gh/c^2[/itex]. If the clock is moving, then there is an additional change in the relative rate due to special relativity which is approximately [itex]-v^2/2c^2[/itex]. Therefore, the condition that the proper time is maximum will be
[tex]\int ( gh - v^2/2 )dt = max.[/tex]
If you multiply this by [itex]-m[/itex], you get
[tex]\int ( mv^2/2 - mgh )dt = min,[/tex]
which is exactly the condition that the the action [itex]\int (T - U) dt[/itex] is a minimum. I found this in "The Feynman Lectures" (vol. II), if you want more details.