It's possible that with the upcoming pre-warming requests this bug will disappear in practice because your whole project gets a chance to import and initialize all modules before the first request is received. If these pre-warming requests don't have a 30s timeout your instance will always have enough time to finish the initialization in a non-broken state.
Anyway, it's your own mistake if you stay with the Django helper. The bug can be worked around. It's fixed in Django-nonrel. I still see people who try to use the helper for mission-critical projects. Don't do that. The helper is buggy. It uses monkey-patches all over the place. This makes it extremely vulnerable to bugs caused by DeadlineExceededError. Just use Django-nonrel, even if you only want to use App Engine's models.