The menu point regional settings and the menu point date and time formats do belong together because they both touch on the same topics. Furthermore the complexity of the points are quite low, so merging them together would be fine from a usability point of view.
I suggest to build up the new point as follows
Title: Regional, date and time setting
Description text: Set default time zones, default country and configure display format strings for date and time.
Structure of Page
1) Section what is now called 'LOCALE' (change string to 'DEFAULT COUNTRY & LANGUAGE')
2) Section date and time formats
3) Section Default time zones
