I wouldn't recommend turning your heat off. My neighbor did that once when it really wasn't that cold out (like 25 degrees). He was gone for about 12 hours. He came back to find that one of his water pipes had bursted and flooded his kitchen.
Although your house may be 65 degrees, the temperature in your attic or basement (where your pipes are) might be considerably lower due to insulation not allowing much heat to cross (in the attic) or heat not sinking into the basement.
You could probably get away with an automatic thermostat resetting the temp to 60 when you're away.
I've never heard of the hot water timer. That's an interesting idea, but one that wouldn't work for me since my heat and hot water are tied together (gas).