I successfully started time outs at 13 months. And they worked GREAT! If I'd known how well my little guy would respond, I probably would have tried sooner.
Early bed time is probably a little premature as a discipline technique, but if you can't take the crabbing anymore one day, it's absolutely fine to do. Just know that it's for you and your child probably won't understand it as "punishment."
As a former nanny and preschool teacher and now a mom, it is my experience that time outs are a VERY effective form of discipline when used correctly. Your child should be given a verbal warning when you can (if they are hurting someone, an instant time-out is okay, as opposed to counting to three to try to get him to reverse a behavior like going for something he's not supposed to have). Then I count to three. On three, I march over, scoop him up and plop him in time-out. I tell him, "Time out, one minute because you didn't stop when Mommy told you to (for example)." A proper time out is one minute per year of age... so for your little guy, 1 1/2 minutes is sufficient. After the time out, I tell him that his time out is over and that he has to stop when Mommy tells him to (or whatever it was that he sat for). Then I tell him I love him, we give hugs and kisses and go play.
The key? Stick with it and be consistent. Good luck! :)