Hi Eric,
After a pellet is dispensed FED3 will monitor it for 1 minute to report how long it takes for the mouse to remove it. This is set in line 167 of the library, as you found:
There is no hardware limitation to monitoring the pellet longer than 1 minute. The reason for monitoring for only 1 minute is that we did not think it was meaningful to measure this delay on trials where the mouse leaves the pellet alone for 30 minutes and then takes it, and we want the FED3 to go back to sleeping the processor as much as it can to save the battery life (it needs to stay away while monitoring the pellet here). FED3 does also write the "InterPelletInterval" in seconds in column O, which is the time between pellets, which can be useful for analyzing longer intervals.
If you want to lengthen the "retrieval interval" reported in column N you can increase the number 60000 in line 167, and also in lines 1059 and 1062 (these latter lines control how the FED3 logs this measurement to the SD card).

Modifying this should not affect anything else, so hack away! If you find this useful we could add a small function to the library so you can change this delay time from the Arduino IDE without modifying the library. Why don't you hack it first and if it's useful let me know and if so I can add that! -Lex