Although I'm not sure the graphicsRule below will do what I want, the main point is that it is not even generating the second eps file (epstool_tmp.eps) at all. What is going wrong?
Here's an example with tiger.eps:
\documentclass[compress]{beamer}
\usepackage{graphicx}
\usepackage{epstopdf}
\epstopdfDeclareGraphicsRule{.eps}{pdf}{.pdf}{%
epstool --copy --bbox #1 --output epstool_tmp.eps;
epstopdf epstool_tmp.eps \OutputFile
}
\begin{document}
\frame{\frametitle{Here is an image ... or not!}
\begin{center}
\includegraphics[height=0.85\textheight,width=0.53\textwidth]
{tiger.eps}
\end{center}
}
\end{document}