time1, x = time1, ytimezone, yoffset
time2, x = time2, ytimezone, yoffset
but given the timezone rule change time1, ytimezone has an offset of z1, time2, ytimezone has z2 offset. Now you have to compare the 'time' against the validity period of each offset dynamically in the query. You can I guess get away with also storing the UTC additionally and schedule recalculate on timezone rule change.
But even then the ambiguity of which timezone to actually apply remains as mentioned in other comments.
My point is that you aren't. Location -> Time Zone -> Offset is something that only has to be updated infrequently. The results are then stored in a temp or work table (whatever optimizes better). Now I have a table with (Location, Local Event Time) which I can do a range on the offset query to get the Local Times. I would write the schema and queries, but this depends on which database you use. I've done this on Sybase 12.5 and it worked just fine.
"But even then the ambiguity of which timezone to actually apply remains as mentioned in other comments."
No, I have the wanted local time at a location.
Since it's a fairly easy fix to update the way you do timezone conversions, it seems easier to put the logic there, where unit testing is easy, rather than in temp tables, stored procedures and query logic where testing is difficult and you've got state that needs to be carefully managed.
I would have to write it, but I think the performance would be fine on a large dataset.
I have found that stored procedure and queries are quite easy to unit test. Particularly in this scenario where you can build simple input data and get out specific row(s). It is actually a lot easier than testing some Classes since you need to mock up sets of objects. With stored procedures and queries you can test the code in a harness without mocking up anything.
The problem is, when your time-zone information changes, you'd need to recalculate all your materialized views. Most popular databases lock the index/materialized view when it is being rebuild, blocking all access. When your tables are in the order of 1B rows, you can't really afford that.
I should point out I'm in the SQL / Stored Procedure camp and not talking using some object mapping solution. That might get problematic.