\version "2.11.65"

#(define-public (format-time-fraction time-sig-fraction)
  (let* ((revargs (reverse time-sig-fraction))
         (den (car revargs))
         (nums (cdr revargs)))
    (make-override-markup '(baseline-skip . 0)
      (make-number-markup
        (make-column-markup (list
          (make-line-markup 
            (let create-nmarkups ((nmarkups (list (car nums)))
                                  (remaining (cdr nums)))
              (if (pair? remaining)
                (create-nmarkups (cons (car remaining) (cons "+" nmarkups))
                                 (cdr remaining))
                nmarkups)))
            den))))))

compoundMeter =
#(define-music-function (parser location args) (pair?)
  #{
\override Staff.TimeSignature #'stencil = #ly:text-interface::print
\override Staff.TimeSignature #'text = #(format-time-fraction (map number->string $args))
#} )


{
  \compoundMeter #'(1 2 3 4 8)
  \repeat unfold 10 c'8 \repeat unfold 20 c'16
}