Unfortunately, I don't think there's a practical way to get that information to the blockchain at payout time.

Views and reading time are counted at the front-end, so the blockchain doesn't know about them... and in fact, you'd have to combine data from a potentially large number of front-ends.

I suppose something might be possible through the use of "oracles", but that's beyond my knowledge.

If I were the decision-maker, I'd commission a study and use a development environment to try to optimize the algorithm. Probably by testing 3-5 candidates (including trying to 'cheat' them).