Hmmmmm I am a bit worried about this scheduler, I mean it is a really good idea, I enjoyed it a lot in the Fable's games, it gives new perspective in the game (furthermore when you want to rob people). But I agree on the idea that a sleep function should be implemented.
I know it is hard to manage in mutliplayer but one of the ideas that was given sounds interresting to me : when a character wants to sleep, and only if both are not involved in a fight, a message is sent to the other player, then thsi other player can chose to accept to join the "sleeping time", in this time they both sleep, or he can refuse, in this case both player can continue to play.
An other useful feature could be that you can decided how many hours you want to sleep !!
Starting from that point we can think about sevrals things like a counter that will tells you how mny "days" you needed to end the adventure of malus if you character does not sleep enough or do too many physical efforts...