Just read some explanations (both here and in other sites) on why a Time Skip ("Wait" option) feature can not be implemented in Shenmue I, from a technical standpoint. I don't claim to be an expert nor I want to debate, but here's what I believe:
About the concerns that it will break the game (in technical terms, not aesthetic):
We have experience from the BETA 0.400. If you use the Debug Menu and in/de-crease time, things will indeed start to break.
However.
If we think how Shenmue II handles time skip we'll probably understand that it's not a big deal to make this to happen in Shenmue I, too.
The point is, every time ...time is increased/skipped, the game screen fades away and a cutscene/event starts. Basically, things are being reset .
Even in Shenmue I, when you do a Quick Save, and then you start/load the game again, things start from that specific time. So things has been reset, and start from the point of a specific time.
Therefore, Time Skip will work in Shenmue I, provided there's also a (hidden, that is only the devs can do it) Reset function, which takes account what time currently is.
And, if we think about it, there is already a Reset function, which indeed is being called (for example) after the end of a cutscene. So, the code for that already exists in Shenmue I.
tl;dr: Time Skip ("Wait" option) feature is feasible to be included in Shenmue I, because the code for both the 'time skip' and the 'reset function' (that is, put things to work again relative to a specific time) already exists.