Have you checked the soldiers example scene included in the examples from the downloads section?
The BT of the soldiers there is doing something similar..
If you want to force continue with the Sequencer even if a child returns Failure (which is the case of the Timeout when it does time out), then you can use a Remap Decorator above the Timeout Decorator and remap Failure to Success. This way, when the Timeout occurs and returns Failure, it will be remapped to Success and the Sequencer will continue to the next child regardless.
This of course is just one way to do this and it might or might not be the best way depending on the rest of the tree 🙂