...this completely fails to provide an equivalent measure of player skill if ratings are calculated based on ONLY ONE parameter; the calculation should be based on combined parameters.
Added 3 minutes later
First, we need to figure out exactly what your rating should take into account. If it's skill, then none of the proposed options do that. Undoubtedly, if tournaments last for days, the shorter the time, the better, but this still doesn't provide an equivalent measure of player skill if ratings are calculated based on ONLY ONE parameter.
And based on how many parameters?...if it's based on time, then it's days; if it's based on experience, then it's the number of experience points. Everything is absolutely correct...and very simple, by the way;), just like everything brilliant!