Thanks for your feedback, HubertDennis and Kaladhar.Brahmanapally.
KB, following on your suggestion, I took a wider look at the snippet you posted from smpolicy.xml and retrieved the related XID in XPSExplorer: the description of the object is "* Please do not edit this realm! This is a global realm. *". I think it would be possible to get a writable copy of that object and modify the max and idle timeouts without having to wait for an installation or upgrade event. I would expect a restart of all policy servers for the change to be in effect.
I have since learned that a CA Support case was opened in July 2016 time frame (00460047 [link may only work for CA employees]) wherein the response at that time was basically "no, it can't be done". I think that speaks to Hubert's concern that any such change be "blessed by SE". I'll open a new support case, reference the original case, and inquire whether changing the timeouts would impact the supportability of the implementation.