You're not going to be able to change that execution time on most shared hosts, even with a custom php.ini or ini_set. I think you'll find most of the big hosts cap that at 30, and for good reason when hundreds (or thousands) of sites run on one server.
I think the question is really why is that function taking more than 30 seconds to execute?
I just tried it (IP check only) on a shared HostGator account (where max_execution_time = 30) and it times out as well.
I believe this should be fixed now. I have sped up the IP lookup significantly. MySQL has some absolutely ridiculous sub-query performance issues, so ultimately it's actually a lot faster to rewrite it as 2 separate queries.