Honestly, for a draft that doesn't really allow advance research (because the person ahead of you could do anything), I think the current rules are reasonable. Certainly, we only have time to coordinate and make a selection at specific times of the day during the week, or slowly doing it over email, which can take a while. I would have to conclude that we wouldn't be able to play in a league like this if it enforced one-hour time slots. At least, not as things currently stand in Life.
We can do wizard drafts because we can set up our draft board in advance the night before -- really easy to just pull a name off a list.