Can statement_timeout emulated NOWAIT?

I've researched the recent discussions about statement_timeout
and NOWAIT and I'd like to confirm my understanding of the
situation before acting on it.  Please let me know if the
following statements are true:

- LOCK TABLE ... NOWAIT has been checked in and will be available in 7.5

- SELECT ... FOR UPDATE NOWAIT is in the TODO list (among other NOWAIT commands) but it will also be available in 7.5

- Using "SET LOCAL statement_timeout=xxx" can be used before "SELECT ... FOR UPDATE" to emulate NOWAIT when the select
issimple and involves a relatively small number of rows. That is, the following:
 
   BEGIN;   SET LOCAL statement_timeout=3000;   SELECT ... FOR UPDATE; -- (1 row)   COMMIT;
 will be equivalent to:
   BEGIN;   SELECT ... FOR UPDATE NOWAIT;   COMMIT;

- The NOWAIT feature will be able to handle select-for-updates that involve many rows better than statement_timeout
becauseit will track timeouts on a row by row basis, which eliminates false positives.  That is, if the
statement_timeoutis too short for the select, it might fail before finishing the select instead of failing because of
lockedrow.
 

- The error raised by statement_timeout and NOWAIT will be the same.

Basically, I'd like to write low level code that implements
NOWAIT in the application using statement_timeout.  Later on,
7.5, I'd be able to reimplement the low level functions using
NOWAIT without having to change the higher level code.

Your thoughts and comments are appreciated.

Thanks

Luis P Caamano
Atlanta, GA, USA