Hi, 5DDaniel!
Yes, absolutely, it does everything you´re asking for.
"Generate Compositions" is ticked automatically, so it will create a comp for every item you import. AND add it to the render queue with the output module(s) you selected on the bottom.
And you can set (comp AND footage) framerate, sizes and even any transform options (scaling etc.) for all image sequences within the comps. All pretty self-explanatory once you go through all selectable fields.
The Cinelog dialogue has nothing to do with that script, it is embedded in the ACR dialogue, if you set Cinelog as standard (explained in their well written doc file) then every DNG sequence automatically opens in CINELOG and you can basically hit okay for every shot and then check the comps later all after each other and make changes if necessary.
@pobox:
The audio offset is a value I came up with after testing MLV with sound on my 5DMK3. It might definitely be different for camera models or even for future builds, but I don´t have another camera to try. This is why I´d suggest you do a quick test with your camera (a clap with the hands), figure out the frame offset in AFX or an editing program and then edit the offset value in the script file.
To do this just open the script in Wordpad, search for "-0.08" and replace it with your new value, done in less than a minute!

Happy batch encoding!