On the track length select panel how about this: you press on the *laps and there's a selection of; laps, minutes, hours, km/miles and practice.
With the km/miles you go to options>game and you can choose either kilometers or miles.

It would be usefull in some long races.

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Well, there is a console command that allows you to set race to some count of hours instead of laps. I think it´s "hours" + number of hours to race.

But button for this function would be great.

Quote from Bigbob1993 :

Well, there is a console command that allows you to set race to some count of hours instead of laps. I think it´s "hours" + number of hours to race.

But button for this function would be great.

You can set hours even now, but lowest is 1h.

I think the option for distance is redundant and not needed given every track has a specific length but the option to use minutes or a decimal portion of an hour would be a welcome addition.

The ability to set a maximum time as well as number of laps would probably be useful for leagues with time constraints.

If it becomes impossible to complete full race distance within the time limit - pace cars/slower than expected lap times etc - the race ends when the time is up.
This comes up occasionally in F1 (2hr limit) and quite often in BTCC support races.

ed: it may already be possible to do this by setting a time limit mid-race via InSim. Smaller time increments for the time limits would still be useful though.

+1 timed race with minutes