If you are going to be on your feet for well over three hours then I would think that some of the very slimmed down fell shoes like mudrocs may not give you the support and cushioning to be comfortable.
Basically whatever you wear is going to get very wet (and heavy) - I definitely wouldn't go for anything with goretex - let them get wet and then let the water out. Mind you it does depend on the weather on the day and beforehand - I've seen some of the faster guys do it in racing flats in a dry year!
A decent grip i.e. studded sole would be good (some trail shoes are only really intended for things like forest tracks or canal towpaths), however you will find plenty of places where you'll be slipping about whatever your grip is like.
BTW the course changes every year, and though some places like the bogs and Stairway to Heaven are regular features, it is not really very sensible to set time targets as in different years the course can differ by several miles in length.