1) The password option is a limitation of Getopt::Long in perl.  If you can figure out how to make that work correctly for Getopt, I'd be happy to make the change. (I did fight with it when I first wrote it to make it work like the mysql client, but no go).

2) The 15 second time limit:  It turns out this is an artificial limit I imposed on myq_status because of some code I stole from another script.  I simplified that mechanism now and you can go down to 1 second sleep time.  However, because the script does take some time to run each cycle, you'll still end up with 2-3 seconds between runs.  

  However, on the myq_innodb_status script, the limit (which I believe is 10) is necessary because SHOW INNODB STATUS outputs new data since the last run, so if you run it too quickly, the data isn't a good sample.