I don't do a time budget, but I do track how my time is spent on Projects, GTD Workflow and Calendar activities (usually meetings). Roughly seems to be about a third each, but I would prefer if projects were 50% of my time. Project time is for big tasks, that I track on a Gantt chart, but projects also get moved along during the GTD workflow time.

I only have to meet with my boss once a fortnight usually, only weekly if we are really busy and he's trying to push me harder.