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I know that the question is quite old, but for reference:

You can store the whole environment content in a TeX box register (think \savebox und \usebox). This is faster and better then \collect@body, because it doesn't scan the TeX code twice and therefore also allows for verbatim and similar ...

Hmm, defiantly getting somewhere - Thanks

I get \GenericError... #4 \errhelp \@err@...l.1242 which appear just under the console reports that it has called environ.sty

I'm more than a little lost now as the usepackage{tikz-timing} is my last package so I'm not expecting anything else

Any ideas ...

As a start you could just put the tikz-timing.sty file into the same directory as your LaTeX document. TeX is looking first there and then in the texmf tree.
On my Ubuntu Linux PC I use the install directory "${TEXMF}/tex/latex/tikz-timing/",
where ${TEXMF} stands either for "/usr/local/texlive/2008 ...