Yes, since postfix 2.1 you can set bounce_queue_lifetime separately from maximal_queue_lifetime, exactly as you have it written.
Note that you must have soft_bounce = no in your main.cf, otherwise the bounces will use 4XX codes and will wind up in the defer queue and be subject to maximal_queue_time rather than the 5XX codes that will put it in the bounce queue (subject to bounce_queue_lifetime). A mail to a mailbox that exceeds mailbox_size_limit
Note that you can't override these from master.cf -o parameters, here's what Wietse Venema has to say about that
I seriously doubt this is a problem more than an annoyance, though.
Here's what Wietse has to say about it
12h is too short a time, IMHO. The default of 5 days is reasaonable and not a significant burden to any but the busiest systems.
Note that RFC 3463 status codes 2.XXX.XXX for success, 4.XXX.XXX for temporary, try later, 5.XXX.XXX for permanent failure aren't the same as the EXITCODE that tells bounce(8) what status code to return. You can test this behavior with a .forward (or alias) as simple as "| EXITCODE=73" (can't create user output file, a 5.2.0 hard bounce) or "|EXITCODE=75" (persistent transient failure, retry). These are defined in /usr/include/sysexits.h
You can customize templates and codes returned, see the man pages for bounce(5) and postconf.