The slideshow excerpts won’t pull metadata from the slides images, it adds an excerpt option to the slide posts which you can use to add longer captions. You would add this to your theme’s functions.php file if you are using a custom theme, or a child theme so that the changes aren’t lost.
But in your case, you can use the Meteor Excerpts plugin instead.
You’re correct that when Meteor Slides is updated it will continue to use the slideshow template in your theme that hasn’t been updated. Typically this isn’t much of a problem, the plugin is pretty stable at this point and any changes in the slideshow output would just be bug fixes to improve theme compatibility. Since it’s already compatible with your theme you don’t have to worry about that, but if something does come up you can always update the slideshow template in your theme and re-apply your changes.