You may need to create a timer that runs once a day, but has to handle many records. Since one iteration may not be enough and a timeout error may occur, you can implement logic to know when a timer is reaching its timeout, to stop it and re-schedule it to run in a few seconds, avoiding the timeout exception.
In Service Studio, you can access the following timer's properties:
The timeout property, specified in Service Studio (and with the ability to be overrriden in Service Center) should be accessible though a Get operation. This would eliminate the need to access system meta-data
or having other less agile and built-to-change work-arrounds.