Configuring a 3550 port for 1Mbps ingress/egress policing?

[yogaville]

I basically have two questions;

1. Would these commands fulfill my request?

     ip access-list All-IP
      permit ip any any
     !
     class-map match-all All-IP-Class
      match access-group All-IP
     !
     policy-map Restrict-to-1Mbps
      class All-IP-Class
       set dscp default
        police 1000 8000 exceed-action drop
     !
     interface FastEthernet 0/1
      service-policy output Restrict-to-1Mbps
      service-policy input Restrict-to-1Mbps

2. Would I be able to allow full 100Mbps after business hours?

[yogaville]

It from researching the police command that the minimum I can set the bps to is 8000. Thats 8Mbps right? Do I have any other options?

[yogaville]

We will be using a 3Mbps feed that I want to share 1Mbps over a pre-existing fiber converter box to another location on campus.

[yogaville]

Sorry I only had 1 cup of coffee this morning 1000 bits would be 1kbps i need:

police 1000000 16000 exceed-action drop

to reach 1Mbps.

So back to my second question, can I put this policing on a time schedule to disable it during off hours?