If I would have known that before, I may not have pursued learning all the transmuting skills. That was pretty expensive for me to get. Not to mention the philosoper's stone itself was pretty hi-dollar.
I can maybe understand such a long cooldown on the arcanite stuff. But its idiotic to have to wait 24hrs to change 1-iron bar to 1-gold bar. I think the cooldown should be relative to what you're transmuting.