This seems similar in ways to "Harvest moon", which I liked except for one problem: The time went by too fast for you to be able to do anything before it was 2am the next morning and you were falling asleep in the field. Does this game have anything like that?

This game has a setting in the options to slow the time scale down. It goes from 100 to 50 (50 doubles the amount from default). I set it to 75 and can get everything that I want done with a nice amount of extra time. Although I've never hit it, I think 3am is the pass out time.

Plus... at least pre-patch - there isn't any penalty for passing out

Time Scale Mod on Nexus works wonders (I can't post links)

I'm running it at 8RL seconds per Ingame Minute (8x). I like to take my time with everything and don't want to feel rushed. This mod works well and causes no issues.

You will need the Unity Mod Manager to install it (Also on Nexus), the rest is pretty much common sense.