Someone else might know of a condensed formula, but here it is in four virtual tags:
v1 Duration converted to seconds = $Add($Mul($Split(<Time>,:,1),60),$Split(<Time>,:,2))
v2 Unique Album Disc = <Disc#><Album><Album Artist>
v3 Total Duration per Disc = $Sum(<v1>,<v2>)
v4 Combined Disc Duration = $Split($Div(<v3>,60),",",1):$Sub(<v3>,$Mul($Split($Div(<v3>,60),",",1),60))