I think the 24 hour time limit is completely fair. If some real-life situation comes up, and I have to suspend the game, I will greatly appreciate the extra time permitted to complete the round.
The benefit of waiting for the tourney to end before we can join another is that there will be a greater variety in top place finishes - i.e, I can't join 2 or three a day and place around the #6 spot in each (lol) saving those 200cr wins for other players. (and Bollox, Jakes and Lee can't win 1100-1500cr per day!)
I do understand the desire to have more of these rounds going at one time, this will be sated by having more tourney options, like 9 hole or multiround play.