Well, there isn't any "efficiency" with steeping grains. It's like making tea. Once you've extracted the color and flavor, there isn't any benefit to steeping longer. 20 minutes is enough.
But you won't hurt during it longer if you have the time and inclination. You can steep for two hours if you want to and have nothing better to do.
Oh i meant getting all the flavor or color being efficient.Steeping tea longer gives more taste but can also yeild tannins if steepd too long unlike malt which i know has to be above 180 to yeild tannins. Or overcrushed grains.