improve timeout handling

1. Maintaining large delays between successive input/output queue calls
unnecessarily increases execution duration of the application. This is
brought down to 2ms.
2. Flush and EOS sends events via callback. So offer them some leeway
by increasing their timeout
3. No response breakout is changed to 5sec.
4. bug fix: decrement twice with in a loop removed

Change-Id: I37dbee0dbdc79044beced89077f6ef46c7075e9f