Actually, I´ve been giving this some thought myself and I think time limits for battles (except sieges) should be lowered proportionally just as the armies are proportionally smaller than their original counterparts. I.e. assuming every TW army is 1/10 of a proper battlefield army, then they should get only 1/10 of the time to finish the battle. So if you could get,say, 7 hours of daylight for battle in the real world, then 0.7 hours which is around 40 minutes maximum.
This and buffing the rates at which soldiers get tired (when pursuit is necessary) should provide for more accurate rates. Also the healing of casualties after the battle should be upped by a LOT. it is just wrong that 5 men out of 70 injured heal. IMO it should be more like 60%-40%.
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