This is a great question. You're absolutely right that spending 4 to 5 minutes to get a question right just hurts you, even if you do get it right. (And, frankly, when you spend that long, the odds are not so great - spending that long is mostly just an indication that you don't really know how to do the problem because you don't know the regular solution. :)
Also, as you've realized, you are going to have to guess sometimes. Everybody has to guess some of the time - that's just how the test works.
Your task is to recognize which questions are too hard for you throughout the test - and that's where you should be guessing. It doesn't matter exactly where they are - just whenever you hit something that's too hard for you, recognize it, try to make an educated guess, move on.
If, for example, we're talking about quant questions (which you said is your "timing problem area"), we're supposed to average 2m per question. That means we don't want to go much beyond about 2m30s on any single question. That also means that, by the halfway mark, we should have a pretty good idea of what we're doing in order to answer the question within the expected timeframe.
So, if around 1m or so, you're still lost... you know you need to guess on this question. The good news? You still have about a minute left, so you have time to make an educated guess!
(Note for others reading this: we're addressing quant here because that's this student's problem area. Verbal works a bit differently, though the overall principle still applies: recognize the "too hard for you" Qs before you use up all your time and also guess before you go over time.)
I think you would benefit from a timing exercise: learning about how long one minute is without looking at a watch or stopwatch. If you don't have one already, buy yourself a stopwatch with lap timing capability. When you go to do a set of problems, start the stopwatch but turn it over so you can't see the time. Every time you think one minute has gone by, push the lap button. When you're done, see how good you were - and whether you tend to over or underestimate. Get yourself to the point where you're within 15 seconds either way on a regular basis (that is, you can generally predict between 45 sec and 1min 15 sec). Note: at the same time that you are using the stopwatch to time this "1-minute" thing, also use the OG Stopwatch (in your student center) to track the total time spent on each question.
Now, how do you use that when doing problems? If you're not on track by one minute, make an educated guess** and move on. (The general idea is that if you're not on track by the halfway mark, you're unlikely to figure out what's holding you back AND have time to do the whole problem in the 1 min you have left.)
** This also requires you to know HOW to make an educated guess depending upon the type of problem and the content being tested. So that's something else to add to your study: how to make educated guesses on different kinds of problems.
Here are two articles that can help you develop educated guessing skills (one for quant, one for verbal).
http://www.beatthegmat.com/mba/2010/07/ ... s-on-quanthttp://www.beatthegmat.com/mba/2010/08/ ... -on-verbalThe other thing that I think helps is just a certain mindset:
Think of this as a tennis match, not a test. You're going to win some points and the other guy is going to win some points; you're not going to win them all, right? Your goal is to put yourself into position to win the LAST point. Translated, that means you have to put yourself in position to answer the last question - you have to have time to address it. Otherwise, you've lost the last point, and by extension the match. When the other guy hits a winner, don't go running after it so fast that you hit the fence and injure yourself, thereby hurting your chances on the later points. (Translation: don't go way over when the problem is too hard.)