For most electronic designs one would not start from zero. A moderm higher resolution DVM is kind of modular with parts that are relatively independent: display and interface part, power supply, ADC, reference, input protection and input switching and amplification.
A first design on paper can be rather fast, the tricky parts comes with refining the actual performance, so that it works like planed or at least close too. How much is needed here is hard to predict: one can be lucky and tricky parts work from the start. However there is also a chance to find nasty surprises, like unexpected ringing, resonances or interactions. A difficulty is testing when at the cutting edge.
Finding and fixing such quirks is what can take a lot of time, but it is hard to predict. If lucky, it may be a few weeks and it works, but there is also a chance for failure, so that after 2 years one may have no useful product and just knowlege on how it does not work. One still gains knowledge and the experience of the team can make a big difference. Pushing the envelope at the cutting edge is a difficult thing and not very predictable: it sometimes works nice and than new road blocks come up. A the high end failure is always an option.
I spend quite some time for my vesion of a high resolution (now 8 digit range - though the original target was more like cheap 6 digits) MS ADC - the initial version was ready surprisingly fast (~ 20 hours for a version on a bread board). Then there were months (and many hours spend) with no real succes in identifying quirks and improving things that are irrelevant. The closer it gets to perfection the longer it takes to solve the small remaining weaknesses. The ADC part is likely the most tricky one - others like the supply and switching is quite a bit easier. It is still the less intersting part for a hobby project. For a hobby it is not so much about getting the result, but also have the challange - so there is no strict target performance to be met, but also hard to find a good enough.
AFAIK it took several years to just redesign the boards for the HP3458 to replace obsolete parts. This was a simpler thing with a known working solution.
The software part can also take quite some time. This is more predictable - though a similar problem with bug fixing applies there too.
For the reference filtering, there can be some improvement be gained from filtering the higher frequencies where it is easy. There can be kind of an analog to aliasing also at the reference side. This would also apply to the LTZ1000. The SNR tests with the LTC2508 were more at higher frequencies and the LTC6655 has a relatively low 1/f cross over. For a DVM the more nasty noise is the really low frequency part and there filtering is not practical.
In my ADC design I also have some similar reference filtering for a LM399 ref. It helps for the more white noise - the main effect is from the 25 Hz and 5-100 kHz range. It still does not help with low frequency noise that is the limiting part of the reference.