I take it that ‘takeitem’ function you’re setting a timer for is the one that picks up the item and puts it in the players inventory? You could put the distance check in there, so get player character location, check if it is close to the item location, like in your screenshot above but within the takeitem function. If it comes out true, put the item in the player’s inventory, and then clear the TakeItem timer (you can clear it within the takeitem function itself).
If the player isn’t near the item yet, the takeitem function would just do nothing. If you set the timer to loop like you have in the shot above (maybe make the time smaller, say every 0.5 seconds or so?), it will keep checking over and over until you get close to the item, then it will put the item in your inventory and clear itself.
Alternatively, if you have access to the player character’s movement speed, when you do the Simple Move To Location, you can get the characters location and location of the item, get the distance between them and divide it by the character’s speed. This should give you the approximate time it will take to get to the item’s location, then you can plug that value into the 'time" pin of the SetTimer node (so the takeitem function fires after enough time has passed to get the character to the item). Make sure the timer is not looping if you go that route though, you only need it to fire once (and therefore shouldn’t need to clear it).