Well... here's my setup for time based. Don't know if this will help you figure out yours or not.
Here are my "Work" profile and the "Rules" screen:
Activating the "Rules" from the Today screen:
Launch Spb Phone Suite profiles from Today. Tap the bottom "Enable Rules". Then once the rules are running it will change to "Disable Rules" and the icon showing the current profile will have a red "A" over it.
Hope that helps. That's all I did to get my time based profiles working.