You can but only on instruction screens by use of a negative duration value such as (d-30), I believe.
For more detail, see "duration for timed items" in the user's guide or online here:
www.empirisoft.com/medialab/help/queparameters.htm#duration
--moments later---
Let me revise that--on reading your question again, it sounds like you are asking that the continue button be avaiable during the items but that there be a maximum amount of time during which they can click it--after which MediaLab would continue automatically. Sort of like what DirectRT can do with it's min-max function. I don't think there is any way right now to do that with MediaLab. Only thing I can think of is to use an item type that allows you to escape early by using the ESC key. You could time it and tell people if they are done early, they can press ESC to continue. Aside from that, I think you'd have to do a custom item with HTML.