Actually to my knowledge there should be no delay. On the next frame it should take effect. Just remember to turn off the auto exposure feature first though (by default it's turned on).
And yes, you can control the exposure time between frames. I would recommend controlling the acquisition with a trigger, and then just send the command to the camera between each trigger.
I hope that helps!
2017-08-02 21:42:32 UTC mattb - 88 points