I think it would be great to be able to have to different time settings in a game. This way the better player could have maybe 5 mins on their clock and the weaker player could have maybe 10-15, to give them more of an equal chance.

Yes, but they would have to be unrated and other than teaching purposes, very few people would be willing to put in the effort if the game isn't rated. It would be great for students and coaches though.