I just got a pop up that I assume was telling me that I'd just played 150 rounds of smash run, out of interest I decided to check how many custom moves I'd unlocked in total, and that number was 145 (out of a possible 408 - not counting specials that are automatically unlocked at the start of the game (Palutena, Mii).
That means that I technically get less than 1 new custom special per smash run on average.
Now, a Smash Run game takes 5 minutes, with a 1 or 2 minute mini-game afterwards (let's call it 1 and a half minutes), add on top of that about 30 seconds of loading screens and character selecting and you have about 8 minutes to get yourself 0.97 special moves. This means, to get a "guaranteed" new custom move, you need to spend 8 minutes and 15 seconds of game time
Now if we extend this in the opposite direction to find out how long it should take to get every custom move, it gives us 56 hours. 56 hours of Smash Run to get all Custom Moves.
I thought this number might have been way off but I multiplied 8 minutes and 15 seconds by the number of custom moves I had and got 19 hours and 55 minutes, checked my total play time for Smash Bros. and it's at 49 hours and 38 minutes, so that number might not be too far off after all.
Someone let me know if my Math was wrong but it seems to all check out, and it's insane.
Fake edit: Oh wait, damn, it's 7 minutes not 8, but that just means it's 1 minute less per custom move which means it takes it down to ~50 hours of Smash Run to unlock all customs.