Conditional wait for a tooltip?

In the v2 editor, a tool tip can be made ‘skippable’ from the Navigation pane. 

Making the step skippable allows you to set a Search Timeout in milliseconds. If the mapped element is not found on the screen during the timeout/wait period, the step will be skipped to the configured step.

Example: a tooltip set to skippable with a timeout of 5000 means that PX will wait 5 seconds for the mapped element to appear in the DOM. If the mapped element is present in that timeframe, the tool tip will show, otherwise the step will be skipped after 5 seconds.

Not exactly a conditional wait, but that might be useful.

What @rschlette mentioned is also possible in V1 (but the UI is different).