this sounds similar to the rotating panoramic cameras I play with sometimes...
like someone else said...the shutter speed is actually how long a single spot on the film sees light
with my panoramic cameras the width of my slit affects my exposure...using a narrower slit acts just like a ND filter
I suppose with a really narrow slit you'd get diffraction effects just like with pinhole cameras...so you may want to look into the tables/formulas for optimum pinhole size
anyway, that's my 2 cents
your project reminds me of experiments I did a while back with a FAX machine....the one I took apart turned out to be basically a camera that photographed a narrow strip of the original at a time...I was going to rotate the camera part as the paper fed through to get a panoramic image....but the FAX had a screwed up "paper out" sensor and I never got a decent image -- but I had fun