I was messing around with timers and other things when I found that if I stacked Type 1 Timers (Yellow) with Type 2 Timers (White) that the Type 1 would be interrupted and be paused in the background while the Type 2 Timer remained active, and that if the type 2 timer was counting upwards, that it will remain indefinitely. I tested this in Lon Lon Ranch and this of course was achieved using cheats to force my B button while on Epona during the race with Ingo to be an Ocarina (that I used to play a warp song). After realizing that even if swordless or with Ocarina B, I can't use the B button when on Epona as anything but a Bow when in that race(and if I don't have bow then I'm swordless), that I could use Dampe instead. I went to dampe's grave and tried playing a warp song. It said I "Couldn't Warp Here". Not like it mattered, I noticed that when it makes the door crushing sound, that the timer stays up anyways... and that if you exit, the timer stays up as well.
This Type 2 Timer that stays up indefinitely protects you from drowning and burning and acts as a replacement for the Goron and Zora Tunics.
This also gives infinite time in Ganon's "Tower Collapse", and I believe it works with other event's like the running man etc I presume. Basically in all the Type 2 timer stuff.
This also means you have infinite time to finish a Type 1 Timer quest. I am unsure if starting new timers (of type 1) will borrow the old or replace the old with a new one and how it affects the type 2 timer.
A new type 2 won't replace the old but a new type 1 will erase the type 2 and cause the old type 1 to actually unpause and continue again. This is a hypothesis of course which I will soon test. Until I iron out the details however...