Or company is moving to a Flexible Time off policy where employees don't accumulate vacation, but they have unlimited time off. Without implementing SuitePeople is any of you using any functionality in Netsuite to request and track time off?

While back I saw a public bundle for Travel time off request, which is a collection of custom record, list and workflow. This addon does request, approval of the time off and tracks time off. You can modify this bundle and make it works for you or can build a solution based on the schema. One question though by any chance does your time off has any GL impact? this module does not tied to GL in anyway.