Thanx for your feedback senocular. 
The functions are static which make it similar in use to a public function. import the class, and call anywere you like Timeout.set(func, interval);
I tried to make the Timeout.set interface similar to the original flash 8 setTimeout I evan made the function pseudo overloaded, you can send an object reference but you don’t have to.
setTimeout(func, interval, variable1, variable1,… variableN);
Timeout.set(func, interval, variable1, variable1,… variableN);
setTimeout(obj, “func”, interval, variable1, variable1,… variableN);
Timeout.set(obj, func, interval, variable1, variable1,… variableN);
I now noticed that in the original setTimeout, when you reference an object you send the function name as a string (opss). Still, it’s pretty similar 
Anyhow, I found it easy to use (maybe I’m biased :)) it’s in my classpath and ready to fire whenever it’s needed. Mainly for testing though, I do alot of fscommand to javascript which is asynchronic and somtime you need somthing to happen in a few ms latter and you don’t want to start messing with clearing these intervals.
I see your point about putting this in a class is maybe more then what this simple functionality deserve. I intentionally kept a simpler version of the function inside the class called Timeout.sets (the last ‘s’ stands for simple) it does the same but without the overloading bs. One can easily copy this function and do whatever he wants with it. It is also easier to understand how the function is working with the arguments list and the Function.apply() method.
If we make a global function named setTimeout Wouldn’t it conflict with the built in one, once we try to upgrade it to flash 8?