For instance, I'm currently building the training grounds in the keep and I'm very curious as to how it's going to work so I really just want to travel back and forth from a couple places to get it built quicker (or just rest a few times).  So I'm wondering does "wasting" time in Pillars affect quests at all?  I hope it doesn't, I hate time limits in video games.

 

 

No effect whatsoever as far as I know.

No time limits for quests that I have seen so far - if you rest more than twice within 3 minutes it would be best not to answer your door tho - it will be the roleplay police and they can be a bit aggressive...