I started this after reading the initial post. So it is a timed project, and quick by my standards, but not under an hour.
I started timing from bear metal, so that doubtless added a little time. And there were lots of pauses for drying time between heavier coats and washes.
This was the state of the miniature after about a half hour's worth of active brush time. (Including the base coat, as I don't spray anything much smaller than a hill.) In addition to the black base I'd added a heavy coat of navy blue and blended in two shades of progressively lighter blue before hitting it with a sky blue highlight, inking in blue, and highlighting again selectively, all while wet. After this I allowed some additional drying time.
Of course additional drying time turned into minor family matters and dinner, so it was well and truly dry before I got started on the final details, which included some pink drybrushing and another blue ink on the extremities to create a slightly pinky purple effect. Then it was horns, teeth, and eyes. All of which took about forty minutes. Painting the base added in another two or three.
So at just uned an hour and fifteen all that was left to do was varnish and base. It's a lot more layering than necessary, maybe, and a lot of very think wet paint to dry. Not the easiest way to do this. But it still came close to the hour mark. (Minus drying/dinner/obligatory marital time. Which, you know, I LIKE being married, so I can make a few sacrifices.)
Given that I did very much allow time between coats I'm not sure if this counts. And it really wasn't under an hour anyway. So I guess I owe another speed painting project and I think I have just the thing . . .