Unfortunately this is not an option currently, @CarlThelen but it might be if you propose this as an idea. The steps to do so are described on the Community page How do Ideas and Themes work in the Instructure Community? 

If I were to propose this as an idea, I would propose that the time limit be an amount that is added to the length of the video. I expect that to be something easier to program than expecting Canvas to check the quiz time limit against the video length and return an error message to the instructor.

Creating an idea does not provide an immediate solution to the problem you described, though it is a solution. I’m going to mark it as such and hope that our colleagues who have a similar challenge will find the best way to contribute. If you decide to create an idea, please link it here.