@GBlasious - what you are looking for might not be easily implemented at router level. Just think about that - what is considered "time online":
- browsing websites
- using YOutube / Netflix /etc
- using Skype / chat
What about backgroud sercices like iCloud (in your case), OS updates? What if your child just leaves the desktop open, and goes playing for an hour - what happens during that hour? What if he/she has Skype/Twitter/chat open, and someone is constantly sending blind updates without anyone reading/reacting to them? What if a homework reqiures collaboration with five more kids, and time runs out?
With my kids out of home already, I might have different view on that, but parenting is not just "You have an hour online, and that's it".