Problem Solved...

Hoorah... due to some help from Miss, we have overcome the time lapse situation. What we did was, put the time lapse to its maximum speed then uploaded it to youtube. We then converted the clip and downloaded it back onto iMovie where we then spead up the clip even more - to the speed we wanted. We then cut this into our final footage at the beginning and continued editing the rest of our footage. We are all very pleased with the opening so far, fingers crossed the rest of the footage looks great.