Question: assigning result of timelimited function

I want to assign the output of a function that has been passed to timelimit. Currently I have to pass, say, X in by reference (as a single element list) and do  timelimit( 0.5, F(X,args) ); where F := proc( X::list ); X[1] := f(args); end proc; --- which is not really desireable. 

More generally I want my proceudre to skip loop iterations that are taking too long. 

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