Just a thought!!!
Vegas has the ability to capture stills from video at the same resolution and also has the ability to import a sequence of still frames as well.

I no longer have Movie Studio installed but if it has the same features then another option would be to capture a frame manually every 10 seconds or so along the timeline (Vegas automatically sequentially names each image for you)
Then delete the video and import all the images as an image sequence and you will automatically have a time lapse movie.

If nothing else it might be a bit of fun compressing 2 hours into a very short Christmas!!

Chris