Actually I think last year's final would have been a lot better in a first to 20. Drew would have had time to recover (and get used to Koopa again) and would have made it a closer match; hard to prove, but likely. But that's not the point.
Also, the timer would only be used as a last resort when a match would simply take toooo long. And then I'm not talking about individual matches, but an entire match-up (so say an entire Quarter Final). LONG matches are still welcome & cool and will still happen, the only difference would be, that when there are too many in a row at one stage, the time-damage for the organisation would be kept within proportions, by making a couple of shorter matches after the time limit has passed.
Also, if too many red shells are dodged the game becomes potentially broken. I don't know if you ever stopped to think about this, but if a couple of players would reach the lvl of Geo (in terms of red dodging...watch the final of last year, Geo almost doesn't get hit by red shells, no matter what Drew, as the reigning World Champion even!, tried), EVERY match would be decided by a random green + double balloon KO (the infamous French hattrick) punishment to profit from the random green immediately after. So yes to a certain extend, if you're driving patterns are as such that you are always in a position to dodge a red shell, you ARE playing pussy and ruining the mode.