If your database is 40GB it's long past time to consider having a redundant Database server that's ready to go as soon as the main becomes faulty.
You should have a second server running alongside the main DB server that has no actual routines except to sync with the main server on an hourly/daily basis (depending on how often your data changes, and how long it takes to run this process). You can also consider creating backups from this database server, instead of the main one.
If your main DB server goes down - for whatever reason - you can change the host address in your application to the backup database, and spend the 8 hours debugging your other server, instead of twiddling your thumbs waiting for the Azure Portal to do its thing while your clients complain.
Your database shouldn't be taking 6-8 hours to restore from backup though. If you are including upload/download time in that estimate, then you should consider storing your data in the Azure datacenter, as well as locally.
For more info see this article on Business Continuity on MSDN: http://msdn.microsoft.com/en-us/library/windowsazure/hh852669.aspx
You'll want to specifically look at the Database Copies section, but the article is worth reading in full if your DB is so large.