You want to clear before each timeout.
if (timeout) {
clearTimeout(timeout);
}
timeout = setTimeout(function() {}, 1000);
Plugins are extensions to something, your code seems like a stand-alone library to me 
Not trying to hide anything, not that you can… Just wanted to be as efficient as possible.
Oh you’re talking about minification, uglify is a common one.
https://marijnhaverbeke.nl/uglifyjs
I am willing to void the premium nonsense if I can find a way to earn some income from this via donation or otherwise. I honestly prefer to earn it rather than force it.
Developers aren’t used to donating for libraries, but I’d be happy if I were proved wrong.