Are you asking for the polar coordinates instead of the N / E / S / W? If so you can obtain that using the (angle '(0.0 0.0 0.0) pt1) to get the angle and then use angtos instead of rtos to get the angle in deg/min/sec (check the developer help for that function). To get the polar distance use (dist '(0.0 0.0 0.0) pt1)
If you mean you want to show the long/lat as deg/min/sec, that's a whole different ballgame. It depends on what the original is drawn to. Is it on some local grid (there are various different grids throughout the world), and some conversion programs for some of them ... maybe even some which may convert to long/lat degrees.
If the original is already drawn in long/lat, then you could simply replace the rtos with angtos, using the relative formatting values:
Code:
(setq east (strcat "E=" (angtos (car pt1) 1 4)))
(setq north (strcat "N=" (angtos (cadr pt1) 1 4)))