This is typically caused by running against server resource limits. What type of GoDaddy account do you have? What plan? Is it shared hosting?
Besides the file upload size and execution time, you might need to increase your memory usage too.
Perhaps you can send a message to GoDaddy support and see if they can point you in the direction of what is going on. Either way it sounds like perhaps you are just running against some server limit. On shared hosting plans, they don’t want a bunch of people uploading massive files because it will reduce the performance for everyone you share the hosting with.
Hmmm ok. Have you tried varying sizes? Where does it seem to start giving you the error? Are you able to upload something like 400MB fine? Because if you can, then you can guess that perhaps you are just running against a limit and that will give you an idea where the limit is and where to look to find that value set. I know it is not very scientific, but if you know that there is some limit at like 350MB then you can go looking for where a setting might have you capped at 350MB if you get what I am saying.