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I agree that the conf_title and conf_desc fields should be longer - I have reached the limit a couple of times, too.
The conf_name, however, should not, as it is used in the code and I believe that $xoopsModuleConfig['prefix_context_name_and_usage_and_more'] can ALWAYS be shortened to something that still is of use to the code-reader.
Especially the practice of prefixing module config names is unnecessary in my opinion. Database tables and Smarty templates can conflict with other modules, if not prefixed, but configuration items cannot (they are bound by module) so "max_items" is just as useful as "mymodule_frontpage_max_items" - if not even better, since it is shorter and easier to remember.
Regarding the field type, I find that there is a reason why varchar's exist and if text was better, it would be used and encouraged more. Searching and indexing text fields is NOT better than varchar's (in my perception) when we talk KEY indexes. Of course, text in MyISAM can be fulltext indexed, but that only makes sense with large amounts of content in many words. Conf_title and conf_desc fields are names of constants and thus always in one word and should not be too long for the same reasons as the above (however, it should be prefixed to avoid conflicts with other modules - however unlikely it is that it should happen)
"too long" has moved since the config table schema was created and it could be a good move to enlarge the fields' lengths, agreed (and it was actually done in 2.2.x as one of the smaller changes).
"When you can flatten entire cities at a whim, a tendency towards quiet reflection and seeing-things-from-the-other-fellow's-point-of-view is seldom necessary."
Cusix Software