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A different approach would involve configuring the PowerPoint Slide Show to play in a window you can adjust. Then surround the window with Captivate and just record it as it plays. But recording that way you should be able to precisely control things from a timing perspective.
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I had tried this earlier on but the issue is that if you had a voice-over synched with the presentation, Captivate tends not to record the voice-over. And that's understandable considering it is not designed to do that. But is there a fix for this in Captivate 4 or the upcoming Captivate 5?
Just pop in about the question for the 'speed', importing the different objects is not possible with the PPT-roundtripping. Could you try to change the frame rate in CP? By default it is 30fps, and I think it is slower in PPT. You can find this rate in the Project Preferences.