I started a new FF1 game today and in 3 hours I made it to the Ogre-massacre-ing part...still got 2 silver swords and lv 3 and 4 magic for my red mage to go...but the magic peninsula does cut down time! The producers definitely put it there for that purpose!
But you're fast, really fast. Wonder where I'll be in 10 hours? What party did you have?
P.S. Have you tried beating FF9 in 12 hours to get Excalibur2?