How long will it take to start journey from the Peak Tram Station to Madame Tussauds?

Also, how many hours do you recommend to spend at Madame Tussauds? I am trying to make a proper planning to see if visiting Victoria Peak will take the whole day or less. Say if I bought the ticket package (museum entrance + sky terrace and peak tram) will I be spending the whole day there? Please help. Many thanks!