I can't go back and edit this thread, but pretty much ignore everything above.
Got a hold of Nathan and I must say he went above and beyond trying to solve this one; going to the point of logging into my cpanel to look around himself. We were up until the middle of the night and neither of us could find the issue. Unfortunately by that point the main dev. team had left for the weekend so we were in a holding pattern. The script was running but absolutely nothing was happening. No error_logs anywhere, nothing to go on at all. The host tools all came back green, etc. and this is a 10 year old installation; the entire cloud is specifically configured for Dolphin.
Users had started reporting that they were unable to upload pics or change their avatars which lead me to start investigating the various image generation plugins we use. I finally figured out GD was disabled in advanced settings, turned that on & it seems to be motoring right along.
I still maintain that most servers could handle more than 30 files per cycle but at least at this point it's running and I'm able to upload images to the timeline.
One easy way to check if it's actually running is to check the file count in /modules/boonex/photos/data/files/ this script should be resizing all the *_t.jpg files and creating a new *_t_2x.jpg file so the file count should be going up.
It's finished as I write this however, took about 15 minutes once I got it working. Posting this here for anyone that happens to hit this issue, I have no idea how GD got switched off, I'm the only one with admin rights.
On a side note @gsicard if some of your images didn't get resized, you should be able to just run the photos_resize.php script again. If you've already deleted the upgrade and moved on, download it and grab the script from upgrade/files/7.1.6-7.2.0/ recreate this directory structure from your root dir and upload the resize script to the 7.1.6.-7.2.0 folder. The script automatically skips any files that already have a _t_2x.jpg file created. To be clear, I haven't tested that but if I'm reading the script correctly that should work; all it does is resize files so it shouldn't hurt to test.