First thing you can do (and it will be more friendly to other
developers that may be working with you on the same project) is to
try and catch for ScriptTimeoutError and handle this exception as
you see fit. Thus you won't have to modify your compiler settings.
Notice, that this example will make your testing environment
suffer =) (and your users are likely to suffer too, because while
"infiniteFunc" is executing it'll hang your system). So, may be
consider splitting / optimizing your function instead of pushing
execution time limits?
BTW, the compiler argument is: -default-script-limits (notice
the last "s").