Nige, I really appreciate your help on this one. Your method was good, and it taught me a useful first principle that I'll use on other macro problems.
I'm reluctant to use custom scripting because I don't want to pick up another skill to learn right now. If possible, I want to learn how to do this sort of thing with KM and improve my KM skills.
From Peter's suggestions, I was able to determine the path of the PNG file, and then I could use Pause Until File Exists and Pause Until lsof doesn't contain path.
I'm avoiding the recheck by deleting the "child" folder, forcing Elmedia to create a new enclosing folder for every screenshot. If that breaks down later under field use, I'll likely try your approach.
Thanks again for some great ideas and patient help.