Solution
Yes, there is. All the tab options are listed as Call Executable step settings in TestStand. Below is an example of how you can access the Wait Condition step and change it's value from None to Wait for Specified Time.
- From Sequence Context (which you should pass to LabVIEW), get AsPropertyObject.
- Use one of the methods of AsPropertyObject, GetPropertyObject, and look up the "*name of your Call Executable step*" string. This will get the reference of the Call Executable step.
- Using the reference from step 2, use GetValString method and look up the Wait Condition setting.
- Using the same reference and look up string, now use SetValString method to set the Wait Condition setting from "None" to "Wait For Specified Time"

The same steps can be done in C#, Python and other scripting languages as well.
In TestStand:
- Call the LabVIEW module and pass the Sequence Reference to it.
- Insert a Call Executable Step. You can put a breakpoint there, to be able to see the changes of the setting.

Note that the Call Executable step settings will only change for the current run-time, so these are not permanent changes.