Some of the "how fast" and "how long" will come with experience.... Some of it will depend on the temperature when you do your extracting. If it's 75+ or 90...
If it's reasonably warm (75), then I'll start out slow, make sure everything is balanced for a couple of minutes, give it a quick check and then increase the RPM to something that feels like medium....and go for another 5+ or until I check the frame and it seems pretty light.
It will take a few frames to sort it out, but the only thing you lose will be a little time in learning.....if it's 90 out and your spinning, you'll tell you're going to fast when you pull out the frame and you see you've spun off chunks of wax...
I am assuming that you are working with drawn plastic foundation and not full wax foundation...if it's full wax, basically the same deal, just be a little more careful with everything...