max_execution_time is a limit for the execution time while running the script. For example, if you import content and script need more than 60 secs then you may face the problem with demo content import. But depending on other server settings script could finish its work faster. So, if you didn’t face problems with theme options then don’t worry about this parameter.
One standard license is valid only for 1 project. Running multiple projects on a single license is a copyright violation.