From your description it would seem that you are doing it correctly: Feed X, move Y +/-, feed X...... rinse repeat.
The cutting delay you want would best be done with a G4 Pnnnn, where n = delay in milliseconds
So your G code would look something like this. The exact format would depend on your controller
G91 (incremental positioning)
G0 X10 (feed X)
G0 Y30 (Y forward)
G0 Y-30 (Y reverse)
(repeat as needed)
M7 (cut)
G4 P500 (delay 0.5 second)
M9 (retract)
You would just need to adjust your X and Y feed parameters to get the desired outcome.
Maybe taking a hard look at your mechanical design would be useful also.
Here is a video of a rule bender that might give you some ideas.