It took about 20 minutes, on a Mid 2012 iMac non fusion drive, and I
just triggered it via jamf policy in terminal. I have also just tested
via self service and it worked as well.
I have deployed the combo update to half a dozen machines successfully
so far. Instead of using Composer to package it, just drag the .pkg that
is inside the dmg into casper admin and deploy the .pkg with a reboot at
the end.
We were having exactly same issue with 10.9.x NB image, Casper 9.62 and
SMB dp's, hosted on OS X server 10.9.5. We built a new 10.10.1 Netboot
image and have successfully built 300 lab machines with 10.10.1 so far.