An attack takes approximately 1 second to preform, and an enemy should take 5 to 6 attacks on average to defeat. Enemies spawn on the overworld every 3.5 seconds on average, and it only takes around 15 seconds of walking back and forth to fully restore your health. Less if you have a Ring of Lesser Healing, and
considerably less if you have a Ring of Greater Healing.
So, it really shouldn't take that long to level up. Granted time will be spent doing miscellaneous things, such as traveling back and forth from shops, visiting the cleric to heal or save and searching for secret chambers in dungeons, but overall the entire game is easily winnable in less than an hour and a half. Woodhaven just finished testing the update a minute ago, he completed it in an hour and 5 minutes. (though admittedly he's an RPG veteran)
However since you feel quite strongly about this Eq, I'll ask everyone else to give their opinions as well, as I agree that turning people off from playing the game is something to be avoided. It's a risky business messing around with the gold and EXP systems though, and I don't want to attempt either without absolute need.
Again, thanks for your feedback guys. Opinions and suggestions like these really help me make the game better.