TimeLab allows you to read data in the csv format, and you may configure the TL parser in the setting window - for example whether your data is frequency, or a fractional freq, or phase.. etc, etc.
You send your data off the atmega328 via a serial into a terminal which can log the incoming data into a file, like TeraTerm for example, and in TeraTerm you will log the incoming data into a file, for example into the file MYDATA.TXT
Your incoming lines in csv will be for example as follows:
..
113, 0000, 1111, 12345678.883, 555, Hello World
114, 0000, 1111, 12345678.866, 555, Hello World
115, 0000, 1111, 12345678.821, 555, Hello World
..
where the frequency of interest in Hz is for example 12345678.xxx (or any other type of data)
Then you go to TimeLab and
Acquire->Acquire from a live ASCII file->
you open the MYDATA.TXT, configure the parser - you will see in a small window your data coming - and select which "numerical field" from the above csv line you want to analyze (in above case it is #4 x1.0 Hz), click "Start Measurement" and it starts to process your incoming data and you will see the nice graphs..