I think if you disable the real-time shield for Spybot you should be fine. The free version of MalwareBytes is just a scanner, and does not have a real-time shield, so you need to scan your computer manually with it.
Malwarebytes isn't an Anti-Virus Protection(at least the free version isn't). It is a virus killer and it works amazingly. If that Search and Destroy thing is a computer virus protection, then it would be fine to have both of them. But, if it isn't, I don't really see a point of it because Malwarebytes removes viruses like nothing else.
Spybot is free, and may catch a few spyware programs which Malwarebytes missed.
Spybot also has an Immunization function which blocks out harmful websites, cookies, and plug-in from infecting your computer by adding rules to Windows Host file to block bad websites.
If you're using the paid version of MBAM and have its active protection on, then disable it if you want to keep using SS&D because TeaTimer should take care of that. Alternatively, you could do it the other way, disable TeaTimer, and enable MBAM's active protection.
If you're using the free version of MBAM, you should be fine, since as mentioned earlier, it's just an offline scanner.