There are indeed all manner of things that go beep-beep these days, if anything it is hard enough to avoid some of them going off during meditation! But yes, downloadable timers for computers, or small cheap electronic beepers will do.
As for altering the track, if you simply make a copy and cut it to a suitable length, that would constitute fair use as long as it is for your private use. Unless you actually fall asleep you will certainly notice when the track ends. (Actually I notice it even if I fall asleep, but your sleep may vary.) I know some people also put the 3 minute pause and gratitude music after the LifeFlow track.
The 8 minutes to entrain is a rather conservative estimate. When you get used to a track, you entrain faster and faster, until you pretty much slip into it as soon as you start, typically after a month or two. (It may take longer time with the later levels, it seems, but that may be just my opinion.)
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