I don't think it can be done by in the usergroup editor, but you could do this: create a plugin using hook global_bootstrap_init_start and this code:
PHP Code:
global $vbulletin;
if (in_array($vbulletin->userinfo['userid'], array(id1, id2, id3)))
$this->registry->options['edittimelimit'] = 0;
and of course you'd change id1, id2, id3 to whatever list of userids you want.
You could do it by usergroup by using this code instead:
PHP Code:
global $vbulletin;
if (is_member_of($vbulletin->userinfo, gid)
$this->registry->options['edittimelimit'] = 0;
and replace gid with the usergroupid you want to be able to edit indefintely. Then you could create a usergroup with the same permissions as Registered User and add it as a secondary group to the users you want to be able to edit indefinitely. The only issue I see with that is, because users who belong to more than one group get the maximum permission of all the groups they belong to, if you ever reduced some permission in Registered Users you'd have to remember to reduce it in the new usergroup as well (hope that makes sense).