radwebjava,
This feature is supported in MyEclipse 2015 C1. Double clicking on the Websphere in the Servers view displays the overview where you can configure the “Timeouts” setting.
If you are working with an earlier version of MyEclipse, please download MyEclipse 2015 C1 from here. MyEclipse 2015 C1 is a unified product. Apply the Blue license to access MyEclipse Blue specific features.
Here is the screenshot for your reference :
Let us know if you see any issues.