If there were no other hikers around, it would be much quicker. I'm sure you know hikers all have their own pace. There is really no passing, which makes it slow. Permit checks are like lite rail ticket checks. They usually don't happen, but you don't wanna be caught without one.
Water is your choice. I downed 200 oz. on an 18 mi hike last month, and was underhydrated. My wife only drank 80 oz.