Hello John,
From an RS-232 standpoint, the only way you will get a timeout error is when you receive neither a termination character (if termination is enabled) nor the number of bytes specified before the timeout period. You may want to try reading smaller amouts of data to figure out what's going on, for if you do not receive a termination character and you receive less that the specified number of bytes to read, then you are sure to get a timeout.
If you feel this behavior may be related to your compact fieldpoint, you may also try posting to that group.
Best Regards,
JLS