Instead of putting all your options tags in the array, you can just put the numbers and use PHP to create the tags for you:
$miltimes = array('0000', '0030', '0100', '0130', '0200', '0230', '0300', '0330', '0400', '0430', '0500', '0530', '0600', '0630', '0700', '0730', '0800', '0830', '0900', '0930', '1000', '1030', '1100', '1130', '1200', '1230', '1300', '1330', '1400', '1430', '1500', '1530', '1600', '1630', '1700', '1730', '1800', '1830', '1900', '1930', '2000', '2030', '2100', '2130', '2200', '2230', '2300', '2330');
$select = '<select id="time_out_1" name="'.$data[$id]['time_out']."\">\n";
foreach ($miltimes as $key => $value){
$selected = ($value == '0030') ? ' selected' : '';
$select .= "\t<option value=\"$value\"$selected>$value</option>\n";
}
$select .= "</select>\n";
echo $select;