@Cesser
Great question!
It would work but I usually set it less than that. I think I count mine over an hour or so. I know what my password is and the authors that post on my blog know how to get me if they get locked out. :) It's really up to you and what you feel comfortable with. Over a day means more time for someone to remember their password if it's an accident, but it also means more time that a hacker has to try. I tend to want to give them less time to think about it.
Does that answer your question?
tim