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I usually set the time zone on my servers to UTC, but that makes it a bit confusing for me when I use irssi. If you have perl support built into irssi, you can run these commands to alter your time zone within irssi only:

/load perl
/script exec $ENV{'TZ'}='(nameofyourtimezone)';

For example, I'm in Central Time, so I'd use:

/script exec $ENV{'TZ'}='CST6CDT';

To update the time in your status bar, simply /whois yourself and you should see the updated time zone. If you want more handy irssi tips, look no further than irssi's documentation.