Okay, so do you really want this to look like “real” time lapse (meaning skipped frames), or is this to just be sped up dramatically? To do the first really well, you are not going to be able to do frame averaging, so although it’s easy to just have AE pick a single frame per second, or minute, or whatever else, the quality of each shown frame will suffer.
From your description, I’d pick the second way (which Steve alluded to), by using the layer time stretch, and making it however short you want. The time stretch function is also available as one of your columns in the timeline, and is definitely not taxing on your system.
Although you still have frames that AE discards, it does a better job and conforms to the framerate you’ve selected for your comp.