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Carrie's blog has some additional information about this topic. She lists the benefits of Utility Limits (a.k.a. Utility Throttles) over the old tenacity and sleep approach.
https://developer.teradata.com/blog/carrie/2009/05/utility-throttles-you-won-t-regret-it
I checked with the Viewpoint team and confirmed that it is not possible to specify a delay duration for a Utility Limit. When the delay checkbox is checked, a utility job will be delayed indefinitely until a utility job slot becomes available.
As Carrie noted in her blog, delayed utility jobs are kept in a FIFO queue. When a utility job slot becomes available, the delayed utility job at the head of the queue is released.