Hey there, Brian,
Not to be repetitive, but I have to agree with te others: sounds like an improper mix. I don't think that the first stump of yours is likely to harden any more than it already has. A few years back, I mixed a batch to cover a seam on a polar lights Godzilla model I was working on, but since I was running low on Magic Sculpt, I had added too much of one half or the other (I don't recall which, offhand.) I had put the model aside for a while (it's one of my "on-again, off-again" projects.) When I returned to it a year later and tried filing a portion of it smooth, I had scraped it off entirely. The mis-mixed portion never did cure properly.
I'm still a huge fan of Magic Sculpt, however, using it for everything from filling in larger seams to detail original figure sculptures. I highly recommend the stuff.
On way of getting it to cure faster is to make yourself a drying box. Mine is similar to the ones used for drying oil painted figures, only I lined mine with aluminum foil,as well. With nothing more than a 60 watt lightbulb for a heat source, I find that most of my sculptures are cured "workably hard" in only 30-40 minutes or so. If using this method, however, be careful about putting anything made of styrene plastic inside. The heat of the drying box can sometime cause the plastic to warp.
Also, if you find the sculpted piece becoming "muddy" when using water to smooth it, try using 91% Isopropyl rubbing alcohol insted. It smooths the piece nicely, while it's faster evaporation rate prevents the "muddiness".
Talcum powder can be very helpful in preventing the Magic Sculpt from sticking to your tools and fingers, too.
Steve K.