No, but it touches upon a controversial issue with 12.04, the addition of resolvconf to this release. Many of us, myself included, think that this change has resulted in "collateral damage" while trying to solve a problem that most users do not routinely face.
Before you go too far down this road, I'd try first adding servers to the static IP declarations in /etc/network/interfaces. In the stanza for eth0 add the line:
replacing the 10.x addresses with a couple of your other nameservers. Now restart the network, or reboot, and you should see resolv.conf now populated with matching "nameserver" entries. See if this resolves (pun intended) your timeout problem.
iface eth0 inet static
dns-nameservers 127.0.0.1 10.1.1.1 10.1.1.2
If not, and you are forced to add the "option" statement to resolv.conf, you have to take a more brutal approach. One solution is to leave resolvconf installed, but replace the symlink that represents resolv.conf with an actual file that you create manually. Then you can use "chattr +i /etc/resolv.conf" to make the file "immutable" so resolvconf cannot overwrite it. You won't be able to edit the file either, unless you first turn off this attribute with "chattr -i /etc/resolv.conf". Another option is to uninstall the resolvconf package, which makes sense to me on servers.