That said, your shell script should be pretty easy... you presumably have all the commands you need from doing it manually, so it's just a matter of throwing them in a script with the appropriate loop over the files you want to deal with. This is basic shell scripting stuff, not really CHDK. It's not clear what part you are having trouble with, but if you are more specific, maybe someone can help.
edit:
one significant disadvantage of DNG is that shooting is slower.
re: dng, did not know they had support, looks like i should upgrade anyhow. not digging the slowness you mention, shooting in RAW is already slow enough.
as far as the shell script. i have not even tried it yet. nor have i ever scripted a shell. i put this thread up in hopes that someone may have already created it.
file names are constant, folders are constant i just need to find the matching name and run the exiftool command. i just simply have no idea how that is achieved.