Can You Change the Default Action Timeout?

Yes. There are all kinds of ways.

You can make your own templates in a group and access and insert them with AppleScript.

You can insert customized raw XML via AppleScript.

You can use @DanThomas' marvelous KMFAM, which is the most mature and customizable favorites tool available for Keyboard Maestro. It predates and is superior to KM's own favorites.

-Chris