The duration depends on the amount of magic power, 10 power = 10 rounds. Also, cast healing spells on your units if they are slowed. In my opinion, 3 schools of magic might be too much.
Regarding the topic - that's true, so it's better to level up 2 schools of magic, and the third one closer to the end of the hero's development, if needed. Water is generally good for Conflux, I usually take it if there's a bless spell available.