Please try to define the inputs and outputs more precisely.
For example: I obtain the time measurement from timer0 as a 16-bit number (in 1/(11.0592E6/12)s units) (from this follows the range and resolution) and I want to display the distance as a 4 digit number (e.g. on a LED display).

Generally, you want to multiply by a constant and most probably will be well off with a 16x16 bit integer multiply, for which you can either easily use a table lookup method (by 8-bit pieces) or maybe even more easily multiply using the built-in hardware multiplier, again by 8-bit pieces.

Jan Waclawek