Setting time-out period for GLISTER license

Yes, it is possible. Setting the time-out period for GLISTER license is explained in the GLISTER User Guide Section 2.1.
In short, you can define the time-out period in minutes either by defining the $XMODEL_LICENSE_TIMEOUT shell environment variable, or by defining the xmodelLicenseTimeOut SKILL variable. The default time-out period is 240 minutes (4 hours).
For instance, you can execute the following command on the Linux shell before launching a Virtuoso session:

setenv XMODEL_LICENSE_TIMEOUT 240

or

export XMODEL_LICENSE_TIMEOUT=240

Or, alternatively, you can insert the following line in your .cdsinit file so that it is executed after the xmodel.cxtfile is loaded:

xmodelLicenseTimeOut = 240