So I have been trying this method all week and keeping quiet about it because it wasn't working "all the way". I was getting great clumps but no root volume (always a problem for me anyway) and frizz. I just knew I could make it work though if I kept at it. Yesterday was a success!!! I finally tweaked my clipping right to get the root volume and found a product combo that actually worked for me (this summer has been a struggle). I had nice clumpy curls and barely any frizz at all. I'm going to try for second day hair today (yes I've been lazy) and I'll report back.
As far as the drying time I haven't noticed an increase at all. I plop soaking wet hair for about 10 min then scrunch with my hair towel a little more and air dry. It's still about 3 hours total drying time. I haven't diffused/R2D2 in ages because I have no AC and it's too darn hot.