Changing the permissions on the directories according to the README instructions leads to the script hanging because it's waiting for permission to delete write-protected files.
rm: remove write-protected regular file `/backups/fullschema/fullschema_daily_Friday_2014-04-04_15h24m.sql.gz'?
In order to fix it on my script I changed the find ... -exec rm {} lines to -exec rm -f {} but I'm not sure if that's particularly a great idea.