Very difficult to do, as there must be a measurable impact of timeouts on a results--a hypothesized cause and effect relationship. Timeouts are not normally distributed, and there are many other variables at play. My experience is the research is very limited.
To effectively use timeouts in basketball, several variables must be considered to ensure maximum benefit from this strategy. The variables to consider include: point differential + strategic changes + error correction + enhancing seriousness + managing nervousness and anger + stopping a scoring run + impact on the free-throw shooter + dealing with press defense + addressing fatigue + boosting player performance and energy + implementing or covering special plays.