No residential pool needs 24 hrs of run time unless you have a lot of stuff dropping into the pool. I run mine only about 4 hours per day (~1/2 turn per day) and half of that is on low speed. Most pools only need 1 turnover a day and many, like mine, can get away with much less.

But to know for sure how much is right for you, requires a little trial and error. But given the size of pool and pump, your turnover rates is probably on the order of 4 hours so I would try 4 hours and see how it goes. Just make sure you are getting enough chlorine in the pool during those 4 hours.