Thanks for the comments all. Here's how the schedules will work.
You'll create a schedule in the Firewall Schedules area. This schedule will basically be an object holder for the time ranges. Then you go to each rule you want to use this schedule and select this schedule. Based upon the rule, the rule will be active during the time ranges specified in this schedule object.
So here's an example setup.
Let's say you create a schedule object named 'Schedule1', and in this schedule you add the time ranges: Mon-Fri 8am-5pm.
Next you will edit each of the firewall rules that you want to use this schedule. When a firewall rule has been set to use this schedule, the rule will only be active during the time range specified (Mon-Fri 8am-5pm). So if the rule is to Allow Web traffic from LAN>WAN, then this rule will allow Web traffic from LAN>WAN during Mon-Fri, 8am-5pm.
I haven't had a whole lot of time to work on it this weekend since I'm having to work, but this week I will have more time to play with it.
This is of course all up for debate and discussion. Nothing is set in stone