I think they should be limited to 1024 characters. Maybe even as short as 256. Somewhere in there. 384 is a nice in between I think.
I also think that making markdown-enabled long form posts needs to be (more) accessible from clients. (@hodlbod pls remove the whitespace eating of kind 1 note display, also same for the profile, it eats all whitespaces and turns them into spaces which is pretty ugly and not suited to a "bio").
Also, I don't see any reason why the two types can't be intertwined into threads, but for the most part long forms would be root posts.