Maybe the timer in 500D works at lower frequency?
This FW didn't make any difference, Alex. It works just as I described the previus one - fps override of 40 makes 1080p record at 20fps, fps override of 68 makes 720p record at 30fps.
UPDATE:
Maybe you have uploaded an old one, Alex? With the changes from bitbucket, it seems to be tuned. 22 fps in 1080p stops the LV image updating.
UPDATE 2:
The same thing happens with 720p at 38fps - movie mode is stopped and then restarted with fps override trned off.
I noticed that the screen flickers a bit with this autoexec - this is most visible in play mode and is not much evident, but it really does flicker.