IronWyrm: I haven't heard of AI Timing, but I assume then that the default setting cuts the normal rules in half if you say ICS should last 1 minute.
Regarding testing, am I wrong in assuming you're suggesting I casts hundreds of spells(with and without ICS) and logging the results; then making a conclusion?
Regarding this icon bug, does this affect just the portrait, or also the status list when viewing my stats with 'R'?
The AI timing is the frame rate, or updates per second used in the game, and it affects
everything time-wise, that's why it's important to leave it on default. You will see it in the miscellaneous tab of BGConfig program.
Testing: I am suggesting nothing of the sort. I simply meant that you could clear all status effects from your character, and then cast ICS out of battle, to check it's timing without having other statuses interfering.
As I said, the icon 'bug' is not common, and I've only encountered it a handful of times. I really don't have the answer to your last question.