Welcome to the boards!
1. Another good source for monster and other information is:
http://www.mikesrpgcenter.com/icewind/bestiary.html
2. ZFR is right that there is no time limit, which has always made me wonder why they track it. The only thing I can figure is that it adds to the reality of the game by establishing a timeline. Another way you could use it is for replay- try to beat your last time. I never really worry about that, though.
Lymond