Couple Questions about FPS Override for Timelapse

[nedyken]

So I've been playing a little with FPS override and It's actually pretty darn cool, imo.  It seems like a much easier method of taking timelapse video... the alternative I guess would be to use an intervalometer (or Magic Lantern's onboard option) to take a photo every X seconds, but that would probably wear down the shutter.

I have a couple questions, though.

Theoretically, if I set the FPS to .25 FPS, wouldn't that be the equivalent of taking a photo every 4 seconds? ... .50 FPS being the equivalent of taking a photo every 2 seconds.  1FPS the equivalent of taking a photo every second? 

I noticed that the shutter speed is automatically set based on what Framerate.  I assume this relates to the 180 degree shutter rule... so in other words 1FPS would set the shutter speed to 1/2?  Am I correct in that assumption?

This morning I pointed the camera out my office window (our windows were dirty.. I was just doing a test) and set the FPS Override to 1FPS.  I think because of the shutter it set, it understandably caused everything to be extremely bright.  Even with my aperture closed to f/22 and the ISO set to 100, I was still a bit overexposed and peaking in the clouds.  A FPS slower than that and I probably would have been entirely blown out.   I left it shooting for 16 minutes... which gave me a 40 second clip.  I then sped that clip up 400% (giving me a 10 second clip).  That should be about even to taking a picture every 4 seconds:  http://youtu.be/NlWrC0fCUZc

It doesn't look too bad to me.  I think I should get some creative use out of it for various B-Roll in the corporate videos I'm doing.  Am I right to assume that on a bright day using a very slow framerates (like .20FPS), I'd probably need some kind of ND filter to make up for how bright the low shutter makes everything?  I didn't tweak any of the default settings.  Anyone have any pointers on tweaking those default settings?  Im interesting in doing another test tonight in low light... I imagine it works great in low light, because of the very slow shutters.

Also, I think it had set to "Optimize for:  Exact FPS"... I'm don't know what "high/low Jello" means and which of those settings I should be selecting.  Can anyone clarify?

Last question... I'm next thinking about playing with the Magic Lantern "HDR Video" function... has anyone had success shooting footage using both HDR Video + FPS Override to create an HDR Timelapse?  I"m using Final Cut X, and I believe someone has created a generator plugin for using ML HDR footage that I plan on testing out.  Curious if anyone has tried shooting with both of those options on.