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A new article I have added to the Help & Information Guide explains how to override quiz settings such as time limit, end date, or maximum attempts for specific students while keeping the existing settings for the rest of the class. See http://angelkb.ais.psu.edu/article.asp?article=1516&p=2
The short version is:
1. Create a team and add the specific student(s) as members.
2. On the quiz settings Access tab, select the name of the team.
3. Change the settings for just that team in the new window that opens.