There is none in Qt Script directly, but we have sys.delayedCall, which takes a function and mlliseconds.
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You are right. Hopefully a resolution of one second will be enough. There is also sys.callQuickly(programstring, milliseconds) but as its name says, it takes a string which is a lot harder to code and less robust than a real function. I do not recommend using it at all.
PO 2.0 will have: quickCall(function, milliseconds) intervalTimer(string, milliseconds) intervalCall(function, milliseconds) stopTimer(timerid) for both server and client scripts. All of the timer functions will return their id(int). You can store this in an array, for example.