Alright, I can start off right away with; From what I've seen of this game so far, it isn't on the sae line of SI and IOH, which I agree weren't the very best ones. Based on what our fellow Ushians have told me, and all of the videos I've been looking at, I'll give you the best answers I can to your questions.
It does sound like the time of this game is going to be pretty fast, and appears to be in the same format as A(n)WL where one second is equal to one minute of gameplay. Of course, I was fine with this format in said game, and it shouldn't be too much of a problem here. I'm not entirely sure if this is true, but if it is, that'll be quite alright with me.
The festivals are listed on Ranchstory, and they actually look extremely fun in this game! I'm looking forward to attending all of them, and seeing how they play through. They seem really fun :D
I'm pretty sure that you are allowed to walk over your crops in this game, but I suggest you don't. It's supposed to greatly lower the quality of the crops you produce, which will in turn lower the funds you are able to recieve for them. So as far as I've heard, yes you can. But don't ;D
It appears that the only thing you really have to do through this game is improve the city and bazaar itself. There shouldn't be any collection of sunstones or harvest sprites, based on what I've seen in videos of gameplay and all that jazz. Supposedly, Grand Bazaar is going to be a lot like (M)FoMT, in the sense that there isn't a real plot or point, as is going to be a fun game to relax with :D
So I hope I was able to effectively answer all of your questions, but if I'm wrong about anything, I hope people will be able to correct me in each area

(*Hint hint* :3)