Since the exact delay time is not critical you could just use a RC circuit at the input of the Schmitt Trigger to generate a delay, but you still need a 555 for the one-shot.I was thinking that the Schmitt Trigger would do the inverting of my circuit from the OptoIsolator (absence of the current). Would this tie into the delay to the latching relay ? Could it provide the delay or does it have to be a separate 555 ?