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Again, the film will probably be the recording of the play. Not a rework into a feature. This way they'll be able to keep it at the full intended length in the format that it was designed for.
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Again, Warner Brothers is not going to apply for a trademark if they did not intend to make a motion picture, nor would they apply for a trademark if they didn't have the rights from Rowling. Studios apply for trademarks only for material they intend to remake into movies, games and novelizations of movies because the studio will own part of the copyright rights in regards to profits. The copyright of a "filmed play" belongs solely to the authors of the play. This is the reason movie studios don't release filmed plays for theatrical release under the studiohead banner, but rather rework the material into a motion picture for release.
The studio will solve the "length problem" simply, they'll make TWO movies out of it, doubling or tripling the profits for the studio. The ending of Part One is a perfect cliffhanger, after all.