Guys – I had a similar requirement to make a very quick time lapse type video from a source 2 minute clip. All I did was 2 simple steps:
1. apply the AE posterise time effect and set the frame rate down to 1
2. on the layer apply time > time stretch > stretch factor 5%
This gave me a 6 second time lapse of the original 2 minute clip.
May not be “real” time lapse but it gives a pretty good result.
Alan