Set up a slomo bind in the input ini, it'll speed up time and still wait for input at the dialog wheel.
Or you can just remove the delay between last dialog line and the appearance of the selection wheel. Which means you won't accidentally skip/select the last line so much if you're careful. You'll know its the last line they have to say before you respond because the wheel comes up as soon as they start speaking (their last line).
;m_fShowLastLineOffset=5.0 //original value
m_fShowLastLineOffset=0.1 //new value (0.0 probably works too)
In conversation, determines how much time pass between the NPC last line, and the appearance of the Dialogue wheel. Setting this to 0.0, will cause the wheel to appear immediately, and helps prevent choosing unwanted answer when skipping dialogue.
There is no need to recompile ini's for mass effect 1 as they are separate files, you can edit them in notepad safely too.
To do the slomo bind(s), Have a look here
to work out how to make new binds, its right up the top. Try making one for Command="SloMo 6" (anything over 1 should accelerate world speed) and a bind to return to SloMo 1 (to get back to normal speed). In ME2 I know you can do this all on one key, but I don't have ME1 installed right now to experiment personally. I'm guessing
that SloMo 1 is normal speed. It is in ME2.
My slomo bind from ME2 is "SloMo 8 | OnRelease SloMo 1".