Yeah, I know it only came out a few hours ago.

According to this:

http://www.creationkit.com/Shout

...this is how shouts work:

Assuming the player has learned all three Words, this is based on how long the button is held:

• < 0.1s - Uses the first Word.
  
• 0.1-0.5s - Uses the second Word.
  
• > 0.5s - Uses the third Word.

So I can't access the CK right now while downloading the hi-res texture pack for some reason, so does anyone know, or even think, if you can alter these values? Like have the second one activate after a shorter amount of time, or something like that?

Likely controlled by a gamesetting, accessible via Gameplay > Settings (if I remember correctly).

If this turns out to be the case, that information should be added to the wiki page.

Cipscis

EDIT:

Looking at my list of gamesettings (not in the CK), these look like likely candidates:
fShoutTime1
fShoutTime2
fShoutTimeout (possibly)

Cipscis

Thank you! I'll have to test that out later.