Hi! Professional makeup artist here! You need something with a strong orange tone as well to hide the blue tones of your facial hair. For this you can use a orange colored concealer, lipstick, or eye shadow. For this, I recommend using an orange lipstick (wet n wild makes a cheap orange one in a black tube for 50 cents!). Use very little, just enough to color correct and over parts of your face where you want to hide a beard shadow!
As for concealers that are the best for covering the facial hair, Kryolan TV paint stick, dermablend, or any full coverage thick CREAM makeup. Invest in some high end products. Trust me, they're worth it.
As for drying time, it depends. I don't have much of a beard problem, so I can't speak from experience, but I usually just wait until the area feels like it is set, and then apply another layer. Like I said, cream products are the best for this!
Hope I could help!
