I probably won't play next month, but for real-world tournaments, isn't there already a one hour time limit and a limit of one dominant (two if your playing restricted)?
The time limit is 45 mins, and no, the limit is as many dominants as lost souls.
No, I'm hosting a tournament in about a week. I'm pretty sure it's whatever you want it to be (suggested time: 1 hour), and one good and one evil dominant (two of each if they said they were using restricted rules (shouldn't it be relaxed?)).
I think you just figured out why you're mistaken on the dominant rules. You may only have one of each unique dominant in your deck - one Son of God, one New Jerusalem, one Mayhem, etc. The TOTAL number of the dominant card type per deck, however, is tied to the number of lost souls in the deck. So if I have seven lost souls in my deck, I may have seven unique dominants - eight souls allows me eight dominants. In restricted, I may only have two unique good dominants and two unique evil dominants, no matter how many souls my deck has (3 of each for T2, I believe).
As for the time limit, Alex just explained the hard rule. The one hour is not really a suggestion - it's how all of the live T1-2P tourneys should be run (for consistency's sake - that's how the bigger tourneys, state and up, will be run). ~45 minutes per round for play, ~15 per round to report scores and set up the next round.