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Well, you can output the slideshow as an AVI (File/Export/Movie with the timeline selected) and replace your photos with that AVI on your timeline.
Time stretch definitely will work on video. If you right-click on your clip and select time stretch, you can set the percentage of playback speed (to 50%, in your case).
Obviously you can't slow down a still photo. Just a video or audio clip.
I got it- put in 40%--definately slows it down--
There seems to be a little jitter in the avi file-
Did you hit Enter on your keyboard to render the clip?
You can also right-click on the clip and select Frame Blend.