I included the code in the iControl java library but unfortunately didn't expose it outside of the iControl.Interfaces class. There is an internal variable m_timeout that defaults to 60 seconds.
private int m_timeout = 60000; // 60000 ms.
The *BindingStub classes I create as members in the iControl.Interfaces class are derived from org.apache.axis.client.Stub which has a setTimeout() method.
In the interfaces class, there is another private method called setupInterface(org.apache.axis.client.Stub stub). In there, I'm setting the timeout.
You could always call the timeout method directly on the object
m_interfaces.LocalLBPool.set_timeout(nnnn);
I haven't tried it but it should work.
-Joe