how long does this stuff take to dry per coat?
Dunno exactly...give it plenty of time (one day) if you're sanding it.
How many coats do you reccomend (seeing that it is tougher paint than normal)
Spray cans always give a thin paint finish, so treat it pretty much as normal. Concentrate getting a good base (primer and satin) and you should only need 1 coat of hammerite.
I normally do around 3 coats of primer (sanding between as it roughens up), and then 2 layers of topcoat on MDF.
If you use the smooth topcoat in particular, make sure you use really fine sandpaper / wet & dry between coats, or 'scratch marks' might show through the top layer of paint.