Query by multiple meta elements not seeming to work – wordpress is timing out

I don’t think you’ll be able to do this in a single query – what you seem to need is multiple relationships between conditions, and as it works currently, meta_query doesn’t let you do that. I googled it a bit and found others saying it doesn’t, but I also went into the core code and looked at the WP_Meta_Query class. I can tell you definitively, you can’t create multiple relations the way you need.

What I would suggest is to run a query that just grabs posts with my_featured_post = 1, as a meta query, and then get all the ids of those posts. Then run another query passing those ids to post__in – and running a meta query one for photo-image_page_id>0 OR photo-image_post_id >0