I see that there is no documented limit - I have tested this out with timeLimit in the order of seconds - until I got a 502 due to the loadbalancer timing out the connection when I had timeLimit set to 60 seconds!
Do note that high values of timeLimit causes other problems seen when there is a higher scale of traffic.
Slow execution of javascript policies will cause increase in latencies across proxies and choke resources. It's recommended to have javascript policies error out with strict values of timeLimit than to risk impact to the traffic of all proxies in your environment.
Do note that free trial accounts are limited at 200ms for timeLimit.
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