I haven't used the DMC-ZS20 myself, but some of the reviews don't look too promising (
http://reviews.cnet.com/digital-cameras/panasonic-lumix-dmc-zs20/4505-6501_7-35133414.html). You're not planning to use it in video mode, are you? Because that would be a bad idea. If you are using it in photo mode, does it have an interval function, or how are you planning to trigger it? Is it possible to turn off the display to save battery?
I have been using Canon point-and-shoots for the simple reason that they are usually acceptable to very good quality and (more importantly) because I can run scripts on them (interval timer etc.). If you don't know CHDK (
http://chdk.wikia.com/wiki/CHDK) yet, you should check it out. I've been using the Powershot A3000IS (very low-cost and light-weight, not very good quality) and G12 (somewhat pricy, heavier, much better quality). Just check out which camera supports CHDK and choose one which would work best for you in terms of weight, resolution, image quality, battery... The D10 is perhaps not optimal in terms of image quality but would be great in terms of being dust-proof and not having its lens exposed to the elements (I should have used one of those when doing KAP over the sand dunes...). There now is a D20 which is a bit slimmer (but more expensive).
Regarding built-in GPS, I assume that GPS data would be saved in the EXIF. Also, I assume that using the built-in GPS will further cut into battery time. Depending on the maximum load on your plane it may be better to use a separate GPS logger and later synchronise GPS data and images. Still, normal GPS does not have the precision and accuracy required to correctly georeference your model; good ground control will be necessary.
P.S.: Using a fixed-wing plane to document small features on the ground means that you need fast shutter speeds: if you are flying at (guessing) 10 m/s, a shutter speed of 1/1000 second results in 10 mm of motion blur. I don't think that this would be acceptable for documenting archaeological excavations. Try this with realistic numbers for your plane and desired resolution. Shutter speeds faster that 1/1000 second are restricted to very good light or come at the price of having to increase ISO (and hence image noise). So, comparing cameras in terms of very good image quality also at ISO 400 or higher will have to be an issue. If your excavations are relatively small, PAP might be preferrable - my experience is that you can document on the order of 1000 m2 in 1-2 hours, with subsequent processing in PhotoScan taking much more time.