It's been a while since I worked with Oracle Forms in QALoad, but I believe that there is a global setting when you first set up your session. You can dial up the time-out and essentially make QALoad wait forever.
I don't believe that what you are suggesting (a timeout specific to the script) is the way to go.
Did you call Compuware? Or better yet, look up the QALoad help for oracle forms settings?
Specifically, under Options -> Workbench, on the Script Validation tab, there is a timeout value for Script Validation.
What this means is, from the moment you start validating a test script in the QALoad Script Development Workbench, you have that time interval (the default is 50 seconds) to complete the execution of the test - otherwise it fails with a timeout message.
If you increase that value, it will help in the Script Development Workbench for validation purposes.
This setting - and the entire problem you are experiencing - occurs ONLY in the Script Development Workbench - this will not happen in the QALoad Conductor, which is why there is no similar setting there.