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Agreed, as I've been mentioning above if you can package it into a novel research bent it won't come off as a colossal waste of time.I've always been interested in the cognitive effects of games, and wrote a bit on the effects of poker experience. Obviously not the same as video games, but two crucial elements are present in any competitive game: 1) imperfect information, meaning that players must make decisions based on both revealed and hidden information, and 2) opponent modeling, meaning the player must predict the enemy, requiring pattern recognition and theory of mind.
I wrote about four studied effects of poker play: (1) a reduction in estimation and decision biases, (2) a reduction in hindsight bias, which may reflect enhanced working memory capacity, (3) adoption of adaptive learning (adjusting learning method in response to change in demands), and (4) increased emotional regulation (less internal attribution for random events). Although you were mainly talking about mechanical reflexes, I believe that there are a lot of cognitive benefits to games that can be generalized to other tasks. I think more and more research is being done indicating both positive and negative effects of gaming, depending on what area you focus in (eg. pathological gaming is almost always negative).
A good way to spin game-playing is the potential for games to be used for brain training in the future. Little kids start playing on their iPads as soon as they figure out how to press the Home button. Games are incredible motivators and it would be stupid to not encourage their use in education and cognitive therapy.
And yes I am reiterating that otherwise to Adcoms it WILL in fact be viewed as a colossal waste of time. Yes Tenk, waste of time IS relative, but it's not the gamers frame of reference that matters here, it's the Adcoms.
Every generation has its wastes of time. As a teen my friends and I used to skateboard over to the local pizza joint to pump quarters into some of the games that are regarded as very "old school" these days. But we logged many hours and all got very good at it. (And fwiw the joysticks on those are much more similar to a lot of the medical device controllers than the controller Nintendo uses.) And in retrospect that was just a fun big waste of time. For resume purposes it didn't happen.