Yea it'd be fun if we could record how much time we used on each post and the system would reward it accordingly. Similarly the system could record how long each post is been read and rewards the curators accordingly.
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I don´t know if the time of elaboration is really representative here. I sometimes struggle writing only one good sentence and then on another day I could right a book in only one day. But I am totally with you that the 'efforts' paid by the author should be rewarded fairly. That means that these efforts have to be appreciable - e.g. by an innovative idea, creative structur of the post, outstanding presentation of pictures,.... the list could be endless.
Time is not only measurable in time. That sounds weird :-) But time here is measured with the currency attention. That means that time has only a value in combination with an action towards something or somebody. I could open an article, close my eyes and don´t do anything at all. But that´s neither quality time nor real attention. I don´t think I should get paid for that.