In my case because I'm running IIS 7.5 so the fcgiext.ini file does not exist however I was able to edit the timeout properties by opening IIS, clicking the Server Name and then clicking Fast CGI Settings. I went ahead and added an extra 0 to the default value making the timeout 3000s instead of 300s and it no longer seems to be producing that error in 5 minutes.
That said however, I have been waiting about 20 minutes now for a restore and the mbz file is only 400KB so is this normal? I understand that restore is supposed to take significantly longer than backup however there is no progress bar shown during the process so I haven't been able to figure out if it is actually working or not.
Edit: The restore completed successfully after 26 minutes. The MBZ file is only 400KB so is it normal for a restore to take that long?