Yes and no. Sugar maples will make the best syrup and have by far the highest sugar content in the sap, but black maples, norway maples and red (or soft, swamp) maples will also do the trick. You just have to boil away a lot more water relative to the amount of sugar. Flavor will not be quite the same. More important is how each tree "runs" or allows sap flows in certain weather. Sugar maples raise sap into the tree in warmth and lower it in freezing temperatures, and (roughly) it's only as it passes the tap that you get a run. With red maples, the sap will usually start later, run like hell once or twice and be done, which limits the season and makes it much more work, if you're trying to make lots of syrup. They also heal the taps differently. We just pass them by where they occur in our sugarbush.
As for time boiling, depends on how fast you can boil away the water. It's not done until it gets to the right temperature, which is actually an approximation of the right density, or the amount of sugar it contains per volume. You always want a full-on rolling boil.
You can store sap for a limited period, but being a sugary liquid it goes bad (starts to ferment) pretty quickly. Unless it's very cold, it will be rancid and begin to yellow in about 24 hours. You can still make syrup out of it, but you'll get a bitter taste and a very dark color (grade). If you use a pot or cauldron, your syrup will be very dark to begin with anyway. Ideally, the evaporator will run very shallow, and sap will move through it very quickly to preserve lighter colors and milder taste.
By the way- gathering sap in a sugarbush (other regions call this a maple "orchard") is a great activity for a Cub in places farther south. Someone in the past posted a great photo of their gathering tank, made our of an old potato cart. In Vermont, we often have to tap the trees on snowshoes, as it's too deep, even for the biggest tractors, and when the snow melts, the mud is too deep for small rigs. A Cub would be a permanent fixture until June! Hence, an advantage of the pipeline. And of 200 horse four-wheel drive modern tractors.
As for volume, you can make syrup with any amount of sap, you just end up with less when you're done! To give you an idea of what "worth it" is for us, we don't fire the evaporator unless we have at least 1500 gallons of sap, as it would just be getting going when we run out.