There is no setting to change this viewable options, but I would be interested if some of the hidden options would modify this (and what other things those options might affect) or if there is a hidden setflag or other method to modify the timeout. We use nfo often (since 7.1) and haven't had nfs issues with the nfs client timeo settings set to handle the nfo event. I could see some issues if the network has a quick drop and the cluster fails over (both nodes affected for example) if the timeout is shorter than 60 seconds...but still would be nice to be able to tune the setting.
We also had one case where a customer enabled NFO and also autogiveback. So the nfo failed over, then the partner node saw the other node was up and did an autogiveback, then the nfo did another failover after giveback. It only did this 3x before ONTAP gave an alert and said it would stop the automated takeover/giveback which was good, but another interaction we ran into once.