Is it worth the time and money to contest a Partition proceeding based on Laches?

Generally, when answering a complaint a party should include every non-frivolous defense available. Otherwise they risk waiving such defense (subject to amending the complaint). In order to determine if this general proposition applies to the specifics of your case you should consult with a real estate attorney.

Barring some It is unlikely that laches would be an appropriate defense in a partition action. You need to consult a lawyer and present all of your facts in order to get a more definitive answer.