The equal time requirements only apply to candidates for Federal office.
That's not my understanding of the law. 47 USC § 315, which codifies the equal time rule, states, in part, "If any licensee shall permit any person who is
a legally qualified candidate for any public office to use a broadcasting station, he shall afford equal opportunities to all other such candidates for that office in the use of such broadcasting station".
Words are given their plain and ordinary meaning. "Any public office" means just that -
any public office, not just federal offices.
I could be wrong, but
Lar Daly is a great example of a local candidate who used the equal time rule to his advantage.
Also, I recall a big stink about showing Arnold Schwarzenegger movies when he was running for Governor.