How to ride the bart all day
I was planning a trip on the BART with my family as a day trip. We wanted to go through the transbay tube and explore various other stations. We will start at an SF station (suggestions please?). What ticket do I purchase? I have looked into the excursion pass but is there anthing without a time limit? If I buy a ticket from 16th street to 24th street for 1.75 can i ride up and down the line and come back to 24th street or is there a time limit as to how long I can be in the faregates before being fined?

I think so long as you don't
I think so long as you don't actually exit the faregates you won't be charged, because (as far as I know) there is no time limit in the sense you have to enter and exit the BART system within the same day or whatever. (Although I don't know how long you can stand to ride around the BART system without having to get out, since a lot of stations don't have bathrooms underground, etc.)
Admittedly I've never done anything like what you seem to plan, although I knew a girl in high school who said this was something she liked to do every once in a while. I don't think she ever mentioned a time limit. You do get a ridiculous charge if you enter and exit the same station's gate (as in, you enter 24th, ride somewhere but don't exit and ride back to 24th to exit).
Have fun! I would guess if you have young children they would probably enjoy this very much.
There is a three hour time
There is a three hour time limit. Anything over this time will generate and error code on your ticket and will require you to see the agent to exit the station. The excursion fare is $5.20 but you can avoid this by exiting any station and just paying that fare. For more info search "excursion" on BART's website.