In my experience, if your variable names are long enough to overflow an 80 column limit, you've probably already got a problem. Longer variable names have a cognitive load in and of themselves, which, to me, usually means someone didn't think about naming enough or is subject to too many levels of pointless indirection.
To me it is important to try to keep code concise so that it is easier to read. This applies to variable names as much as it does to how many lines a function is. The smaller the unit of functionality it is, the easier it is to understand in its entirety.