Most of today was spent getting up to speed on the existing code base. There's always a learning curve when stepping into somebody else's code, but after a few hours of orientation I knew enough to start modifying the existing code. By the end of the night I understood enough of the existing camera app code to modify it to capture video at no more than one frame per second.
Unfortunately this 1 fps video plays back at 1 fps as well. I haven't figured out what part of the AVI capture code controls the playback speed. As a workaround, I copied the file onto my computer and used ffmpeg to change the frame rate using the -r parameter.
Here's a panning time-lapse video of the Supercon badge hacking area built using the above hacks. The next objective is to figure out how to control the playback frame rate. Then use what I've learned to write a dedicated time-lapse app instead of hacking the existing camera app.