A year in Layo time is about 28 days I think. 4 minutes to an hour, 96 minutes to a day, you can do the math to make it exact. To be honest, there is a huge problem with this that just can't be solved. I can run across a continent in 10 minutes (2.5 hours in game) but at the same time, if you spend two years playing your human fighter who started as a 20 year old... he's now 46 with bad knees, he's balding, and he's put on a few extra pounds... most people don't even RP their characters as getting older because it's messed up on so many levels (and it's no one's fault).
Time still goes as it always has IG... but if you ever have trouble figuring out how many IG days ago an event happened, just revert to RL days... no one will fault you for it.
ZV-
EDIT: And no old man killing script.
Ta'k would be dead by now if there was.