Infinite timeouts are a bad, very bad idea. If you disable the timeout in PHP, Apache should catch it, but wouldn't disabling the timeout in Apache be server suicide? All someone has to do is write a small script:
<?php while(1) {}; ?>
...and the server processes will be "hang" the server until the TCP connections die and the memory resources are freed!
I can't see any PHP script requiring more than 30 seconds to execute.