I would have been ahead of my time if I'd actually gone through with it. These days it seems that the secret is out again with recipes calling for 6+ hour rises. In the town I used to live there is a very successful artisan bakery now.
And you are right about the rising time. I do an 8 hour rise. Doctor Carrie Reams said that the rising time breaks down the phytates which in turn releases the calcium into a form that the body can digest. 2 hour rise doesn't do that.