Well, I don't really know much about it, perhaps the +polaroid option is just not that flexible, but the link you gave seems to provide the workaround. Just manually set the rotation instead with a random number generating command, such as the perl expression he provides: "-rotate $(perl -e 'print rand() * 30 - 15')"
I also have a bit of advice for your script. Assuming you're using bash, you should use the $() operator for embedded commands rather than `backticks`. It's more readable and works better in some cases. Also, instead of using the awkward sed-based command to change the file extension, you can use
parameter substitution instead. For example "${i%.*}.png" will strip off the file extension from the variable (everything from the last period) and add .png to it.