Edit for clarity: For sleeps, you're better off using Mary's Horn (for the extra sleep time) and getting +CHR elsewhere (there are tons of options for BRD at Lvl.60+) rather than relying on +4 CHR from this horn.
Faerie Piccolo is practically free (costs one Rosewood lumber) if you quest it.
@Hades.Boogers:
"Lullaby base duration is 30 seconds. Each +1 given from an instrument adds +3 seconds to base duration."- taken off wiki. Lullaby +1 won't help you land Lullaby, CHR+4 on the other hand, will^^
yes fairie's piccolo is free and royal spearman's horn is available early on but think tho this will will replace both of them...so you get 1 more free space for another instrument XD, also this can be bought with 20k Allied notes from Sandoria so just do some campaign and buy it lol.
Well, there already is the Faerie Piccolo for March +2, but the chr +4 would definitely make this a good horn for sleeping something that doesn't want to be slept.