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How do I change values associated with a timer? For example, if I want an actor to randomly move once a second, I would create a timer for 1000 ms and associate accordingly. However, if I want to change the timing to say 500 ms, how do I change that variable for the timer? Thanks.

Technically, GE would want you to make a new timer with a different interval.
However you can work around this by putting the Timer's function in the script editor. There's obviously an action for creating the timer, make that action a script editor action, and in the bottom you'll see a variables/functions captioned button, click that, and look up the Create Timer function. The good old friendly winow appears, enter the apropriate values, then it creates a line of code. Change the last number in the brackets to the right number of miliseconds. Then click ok, immediate action, as usually, and that's it.