In playing with the "Miniature Effect" it allows you to shoot at 6fps / 3fps / 1.5fps so it appears that there is *some* adjustment method to change FPS within the camera.
The miniature effect makes a nice time lapse except for the blurring involved. My G1X can adjust the position of the blur, but I don't think I can turn it off. That would be a nice feature to add. The blur position must be stored somewhere, so maybe you could set it off screen to disable it.
The G1X is supposed to be able to record 240fps at 640x480. High frame rates like that are beyond the limits of most cameras.
Here's a miniature effect recording I did with the Panasonice Fz150 moving the blur as far as possible, but it's still there:
Can CHDK adjust the exposure of a video while it's recording?