My opinion, for what it's worth: shouldn't it be your decision? so what you going to do, if six say 'yes time him out, and four say no don't do it' you feel you've done the right thing by timing him out.
I'm not having a go here, but it should be you.
I personally would honour the vacation, even though in tournaments I don't have to, I think it's unsporting not to.
But I'm no saint myself, I T/O someone yesterday because after seven days no moves despite reminder sent - BUT he wasn't on vacation and was moving in his other games and more importantly, from looking at his games it's clear he also T/O's.