Based on the underlying structure, it appears that the internal definition relies on the "hour" number for a start and end, http://msdn.microsoft.com/en-us/library/microsoft.sharepoint.spregionalsettings.workdaystarthour.aspx.
That being said, you might be able to change it to a "30" minute start hour, (e.g. 510 for 8:30am). However, I'm not sure if this will work or is supported. If it does work, you might experience unintended behaviors in other areas that use the calendar.