Well Veritas recommend it be set to as low as 1000:

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TCP_CLOSE_WAIT_INTERVAL

For Solaris 2.6 or previous use the following command:
ndd -get /dev/tcp tcp_close_wait_interval

For Solaris 7 or above use the following command:
ndd -get /dev/tcp tcp_time_wait_interval

For HP-UX 11 use the following command:
ndd -get /dev/tcp tcp_time_wait_interval

(NOTE: The equivalent command on HP-UX 10 is "nettune" instead of "ndd".)
These commands will produce a large number, like the default 240000 (value 
is in
milliseconds, so 240 seconds or 4 minutes). This is the amount of time to 
wait after a
socket is closed before it can be reused. In most cases this can be 
shortened to about 1
second (1000).

The command to set it to 1000 on Solaris 2.6 and previous versions is:
ndd -set /dev/tcp tcp_close_wait_interval 1000

The command to set it to 1000 on Solaris 7 and later versions is:
ndd -set /dev/tcp tcp_time_wait_interval 1000

The command to set it to 1000 on HP-UX 11 is:
ndd -set /dev/tcp tcp_time_wait_interval 1000

The "ndd" command makes the change immediately, without a need for a 
reboot. This
setting will go back to default after a reboot. To make the OS set to this 
value after each
reboot, the command can be added to the appropriate TCP/IP startup script. 
On Solaris,
this is /etc/rc2.d/S69inet. On HP-UX 11 see /etc/rc.config.d/nddconf for 
examples of how
to set it.

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NCVU will check this and complain if it is too high.

William D L Brown