Yeah that sounds like a pretty good experiment (if it is possible), except for one thing that makes this very complicated, our sense of time can be off. You can test this. Take a recording device and say "Now I'm going to take a hike", you come back and you say "I'm back and I think I took x minutes" and you do this throughout the day for many activities for a week or few weeks, and you can never look at the time. So you probably need to do it when you have no school or work. And the recording device needs to record the time of the recordings without you being able to see it while making the recordings.
It will be interesting to see how accurately we estimate the passage of time in different activities. I often feel like I'm meditating longer than I actually am, ofcourse after I do it more often I correct for this and I get more accurate in my guesses, but it still feels like it lasts longer. Having good company or sitting behind the computer does the opposite. There seems to be a general rule that new experiences seem longer than old ones. Maybe when you are in a vivid dream with a clear mind, the experience is rich and you experience many things at a time, but is this enough to explain how people really feel like the dream was 3-4 hours? I have no idea, the longest LD I can remember felt like 45-60 minutes and that was only once.
EDIT:
Here is a short and a long video by the same person about perception of time.
2 minutes: David Eagleman: How to Slow Down Your Perception of Time
30 minutes: What is time to the brain ? Perception of time delation
I'm watching the long one now and I'll let you know what I think :)