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There are various ways to convert a Python int/float to a C time_t, timeval or timespec structure. Attached patch factorize code by adding functions to convert a Python object to a C type (time_t, timeval or timespec).
My patch changes how datetime rounds microsecond: round towards zero instead of rounding to nearest with ties going away from zero. I chose this rounding method because it is the method used by int(float) and int(time.time()) is a common in programs (more than round(time.time()). Rounding towards zero avoids also producing timestamps in the future.
On overflow, an OverflowError is now raises instead of a ValueError. I prefer OverflowError over ValueError because it is an implementation detail. For example, time_t is 32 bits on Linux 32 bits, 64 bits on Linux 64 bits or on Windows (32 or 64 bits).
PyTime_ObjectToXXX() functions are part of Python and so can be used by the posix, time, datetime and select modules. The patch removes _time.c, _time.h and timefunc.h because these files were only used for one function (_PyTime_DoubleToTime_t) which is no more used and it required to link a module to _time.c to get this function.
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If it is a problem to replace ValueError with OverflowError for backward compatibility, it is easy to adapt the patch to raise ValueError instead.
timedelta*float and timedelta/float rounding method may also be changed.

Alexander: No complain if I remove _time.c?

New changeset 1e9cc1a03365 by Victor Stinner in branch 'default':
Close #14180: Factorize code to convert a number of seconds to time_t, timeval or timespec
http://hg.python.org/cpython/rev/1e9cc1a03365 

New changeset ed73006bac42 by Victor Stinner in branch 'default':
Issue #14180: Remove commented code
http://hg.python.org/cpython/rev/ed73006bac42 

New changeset 1eaf6e899f02 by Victor Stinner in branch 'default':
Issue #14180: Fix select.select() compilation on BSD and a typo in kqueue_queue_control()
http://hg.python.org/cpython/rev/1eaf6e899f02 

New changeset cb1c877a27f2 by Victor Stinner in branch 'default':
Issue #14180: Fix another typo in kqueue_queue_control()
http://hg.python.org/cpython/rev/cb1c877a27f2 

New changeset 760cf150bb99 by Victor Stinner in branch 'default':
Issue #14180: Fix pythoncore.vcproj, Modules/_time.[ch] have been removed
http://hg.python.org/cpython/rev/760cf150bb99 

New changeset 9d69a2418d80 by Victor Stinner in branch 'default':
Issue #14180: Fix an invalid rounding when compiler optimization are enabled
http://hg.python.org/cpython/rev/9d69a2418d80 

New changeset 5d6a5c5a4ebe by Victor Stinner in branch 'default':
Issue #14180: datetime.date.fromtimestamp(), datetime.datetime.fromtimestamp()
http://hg.python.org/cpython/rev/5d6a5c5a4ebe
New changeset 706689b2d678 by Victor Stinner in branch 'default':
Issue #14180: TestDateTime.test_microsecond_rounding() handles localtime() and
http://hg.python.org/cpython/rev/706689b2d678
New changeset a0d101220f96 by Victor Stinner in branch 'default':
Issue #14180: Fix the select module to handle correctly the Windows timeval
http://hg.python.org/cpython/rev/a0d101220f96