Unfortunately the wait is not configurable in the Windows Installer. From their documentation:
Wait
Leaving this field null or entering a value of 1 causes the installer to
wait a maximum of 30 seconds for the service to complete before proceeding.
The wait can be used to allow additional time for a critical event to return
a failure error. A value of 0 in this field means to wait only until the
service control manager (SCM) reports that this service is in a pending state
before continuing with the installation.
You'll need to either get your service to shutdown faster (would be great for the end user too ;) or have to write a custom action to do the shutdown yourself. That will be a chunk of work and add more fragility to the install (as every custom action does) so I'd try as hard as possible to fix the service.