I would like the option to let them sleep, something that doesn't seem to feature in many CMs. (Although I haven't played Oblivion in a while; my memory may be wrong)
Yes you can have them sleep, if you have any companion from CM Partners Basic Mod just tell them to rest through the menu. In standalone CM-based companion mods you can (almost everyone) tell them to wait on the camp or in any town, sooner or later they take a few hours of sleep even eat and drink too. It depends on how that mods scripting was created and I believe any companion have a scripted daily wandering schedule to follow as soon you pause there following mode.
I've noticed there is a mod called Goranga dating system available at Nexus -
I'm afraid you can't find it any more, because I know there has been some incidents with that mod. That's all I can say for now.