Here's how to do a very simple timelapse:
1. Jump in the replay to when you want the video to start (and pause)
2. Set time keyframe at 0:00 in the bottom timeline
3. Move your camera to where you want it to be at the start of the video
4. Set position keyframe at 0:00 in the bottom timeline
5. Jump in the replay to when you want the video to end (and pause)
6. Set a second time keyframe at, say, 5:00 in the bottom timeline (your final video will be exactly 5 minutes long)
7. Move your camera to where you want it to be at the end of the video
8. Set a second position keyframe at 5:00 in the bottom timeline