IMO Modest>Timid as the Nature. Without a Life Orb, Alakazam loses significant power, that 30% power boost is enough to score many extra KOs. Furthermore, Alakazam's main job with this set is to take a hit and OHKO in return. It would absolutely suck if you left your opponent with 2 HP left or something because you weren't Modest wouldn't it? This set doesn't really need the Speed all that much, because more often than not, you'll be using Alakazam to take on a Pokemon at +1 Speed, such as Dragonite, or with a priority move, such as Scizor.
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