Does ROLLBACK TRAN honor LOCK_TIMEOUT value?
No, this is not possible. 

SQL Server will always finish the ROLLBACK, no matter what. Even if you cut the power to the system in the middle of the ROLLBACK, the ROLLBACK will continue after the power is returned. ROLLBACK also ignores any connection interruptions and LOCK_TIMEOUT settings. In fact, a connection interruption will start a ROLLBACK if there is an open transaction at the time of interruption.