I can see that Karl speaks from experience!
I have built a number of replacement window sashes for two period homes I have owned.
I cannot comment how long it will take you to build your sash. I will say the first time I did this it took a while because I had to learn a number of things.
Here are a few points you may want to consider:
I have always used a router to make the "sticking" (Rails/Stiles and Mullions). But after the initial stock preparation phase, I don't find power tools are much of a help. What is *very*time consuming is the glazing of the glass, all the priming, installation, caulking, and final painting. I also pre-prime and caulk all joints on the frame before assembly to maximize weather proof-ness.
I have found using the router bits to do the coping (where the mullions meet the rails/stiles for instance) to be only a small time saver over just simply doing it by hand using traditional techniques. In fact, I pretty much prefer to do them by hand because it saves all that ditzy setup w/ the router, w/ I find very error prone. The only time I bother to setup the "coping" bit is if I have to do lots of mullions.
I have found open mortise and tenons cut on a bandsaw to be the fastest/best solution for where the rails meet the stiles on the window frame. Mullions have to go into deep mortise holes.
If you intend to hollow out the mortises by hand, then you should pay close attention to how long that will take since it will probably take a significant portion of the overall time. After trying to do it a number of different ways, I found that a hollow chisel mortiser (simple attachment on my drill press w/ quality bits) was the best approach for reproducing traditional mill work efficiently.
I have learned (the hard way) to always make a full sized drawing of the mullioned sashes(s), and use that to size and locate everything accurately. Given that I've made a number of windows at this point, I get away w/ a story stick. But I found it very confusing the first time I made a window. For the first window I made I tried to do it w/o plans and I think literally spent 1/2 the time puzzling out the joints and what the length of each piece should be. That's NOT the way to do it!
I have found it best to use 2 hour two part Epoxy to glue everything together. The main reason it works best is that it will fill and completely seal everything. I believe this gives you the best chance that it will survive the weather. I pay particular attention where the glazing will go. The glazing eventually cracks and leaks so I want to make sure the window will stand up to leaks under the glazing for a long time so that it wont rot while it waits for someone to get around to fixing it. That's where the Epoxy shines. It produces a waterproof seal at all the joint interfaces. I also prime the rabbet the glass slips into *before* glazing. Another precaution against the inevitable when the glazing starts to leak.
Weatherstripping the window is an important consideration. I could speak volumes about that, but will consider it out of scope.
Typically, making the window frame takes only a small fraction of the time it takes to make the sashes. But milling the matching period trim, oh well, that can be another big job in itself. I assume you won't be doing that.
How will the sashes stay open / closed. Will it include sash weights or is it a casement style? Making something that moves is more difficult than making something stationary. So you will need to factor some extra time for that.
Whew - lots more I could say but I'll show some mercy and stop here. Now, to try and help you w/ your question:
I recently made 4 replacement sashes for two windows in my Victorian house. These particular windows had no mullions. I have done sash work about 12-14 times at this point. The time broke down as follows
1 hour to make drawings and plan (remember, I've made a number of these at this point, so most everything I need is already in hand)
2-3 hours stock prep and to mill it into "sticking" (I already had the lumber on hand). I used a router setup to create the profiles along the lengths of the rails/stiles.
2 hours to make the open tenons where the rails/stiles meet.
1-2 hours to glue all the sashes together. For some reason this always takes longer than I think it should
2 hours to measure and procure glass.
6 hours to clean up the sashes the next day after the glue dries and to trim them to the right size so that they will operate properly in the out of square opening in my home. This also included time to make the slots where the sash cords go, etc... Lots of running up/down steps etc... Not sure how applicable all this is to your task at hand.
1 hour for first coat of oil primer on ALL sides of everything, especially the rabbets where the glazing will go. "Hang" the sashes up on something to dry. Requires overnight dry.
2+ hours install glass and glazing for four large panes. If there were mullions and small panes, then I would estimate 20 minutes / pane. This is *highly* dependent on how skilled you are at this.
Let the windows sit a few days so that the glazing will set a bit.
1/2 hour prime the glazing. Again, I had no mullions to work around. Each window pane adds considerable effort.
1/2 hour finish coat inside of windows. Clean brush, put windows aside and wait to dry.
1/2 hour finish coat outside of windows w/ Exterior paint. Clean brush and wait to dry.
2-3 hours to install, touch up paint, install hardware, wash windows, etc.... Maybe even longer. Forgot really.
What I really wanted to point out here is that *most* of the time is waiting for stuff to dry. The actual woodwork is really only a small part of the overall task, and the work has to proceed in small steps w/ long wait times in between. Hope this helps,
JB