No. I don't mean that to sound brusque, but the setting is server-wide, and there are a couple of reassons why you might be running into the timeout problem, and increasing the run time will only make it worse (for you, and for everybody else). There are thousands of accounts/sites on each of the Free Hosting servers, so there is no way to permit sites to run scripts that take more than a few seconds (30) without blocking everybody else. At the same time, you are sharing resources (database server, file I/O, CPU and RAM) with all of the other active sites on your server, so sometimes you have to wait in line for things to happen. So if your script takes longer than, say, 20 seconds to run at the best of times, it may begin to time out when the server is busy serving other requests.
If you actually need to run code that takes a long time to run, then you're looking at paid hosting. (Not just here, but anywhere free hosting is offered. There are always some pretty harsh limits on free hosting; it's the only way to offer services to a lot of people without breaking the bank.) Illuminated still has a 30 second limit, but there are far fewer users on the Illuminated server. Premium will let you run 60 seconds with more resources and less crowding again. And you can step up to a VPS, which will pretty much let you set your own rules (within limits).
