I will be hosting the first draft event in my area next week. I could not find anything official about a time limit to pick your card and pass the pack on. I'm only expecting 10-12 people. Does getting through the drafting typically take long, or would imposing a 60-90 second limit be reasonable? I'm just worried that the selection part will take too long and we won't have a lot of time to actually play.

Getting through the drafting does take a while. In most drafting scenarios, what will happen is that the packs will pile up beside whoever is the slowest drafter. Only if every pack is waiting for that person to pass it on is it necessary to spur them on.

I haven't drafted Netrunner before, but based on previous experience, drafting takes about 90 minutes and deck building at least another 30.

We managed draft and deckbuilding in an hour when we did it the other night. There were only four of us. Doesn't seem like that should make a difference, as everyone is still choosing 40 cards, but I'm sure it does.