Deadline monitoring on a workflow wait step

Is it possible to place deadline monitoring on a workflow wait step? Therefore the step would become 'wait until'...

and would wait for an event or a time period to expire? We have a 4.6B system.

This is an interesting question. I would solve this problem by using a parallel fork. The workflow would have two parallel tasks. One is the 'Wait for' step and in parallel the 'Wait Until' step. If the event is received or the ?Wait Until? expires, you can 'kill' the fork by defining an 'end condition' on the fork and the workflow would continue processing.