Yeah, I have time set to x3 just through the editor controls and seems to work just fine! As far as I know all it does is speed up the clock and nothing else is affected. Don't think there are many features that work based on in-game time, save for the times that civilians are more active and small things like that. Definitely a good way to add some variety in your missions!

8x is the magic number for our group: 3 hours = 24 hours in game