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How to estimate the time - FRA space with one flashback restore point?

We are going to do a failover on our Contigency DBs (Standby DBs) but before to do it, We are going to create a restore point (see the steps attached)
Our main question how long it would take to do the restore point before to the failover? is there any kind of formula?
and secondly
how could we calculate the space on FRA need it? also is there any kind of formula?

Jesus

these are the steps I"m planning to do

 standby:
  SQLPLUS> alter system set dg_broker_start=FALSE;

  SQLPLUS> select current_scn from v$database;

  SQLPLUS> alter database recover managed standby database cancel;

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