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If Heroes of Might and Magic 3 is a real-time shooter, then it definitely needs to be sped up. But if it's an intellectual game (like chess), then whether it should be reduced to a shooter that relies on dexterity is a big question. There's already a lot of technical work involved, and dexterity is needed anyway.
Dima Syurmey's idea of limiting the maximum battle time is interesting. For example, if you need to defeat a horde of golems, it definitely won't take a minute or a minute and a half. So, there could be a limit of, say, 4 minutes, even if the battle lasts 10 minutes. Otherwise, one such battle will ruin the entire chess-like timer.