Ok, so I just played a few games to test out the Shark Awards, Shark Flip and other Shark-related things so that I can make sense of them based on the information above.
In summary:
Shark Awards are collected by shooting the Shark Scoop (when not in a mode) after rolling over the switch right above the Shark Flipper when Shark FLIP isn't lit.
You CAN shoot for Shark Awards when: the ball falls out of the pops to the right; when you roll down the rightmost ("Lite Orbit") inlane and then shoot the left orbit all the way around; when you shoot the center VUK (and don't start a mode); or when you shoot the left ramp (and don't start a mode or lock a ball.)
You CAN'T shoot for Shark Awards when: you shoot the Dolphin Spinner (it feeds the upper flipper); when you roll over the "Lite Shark FLIP" inlane and shoot the Dolphin Spinner (because Shark FLIP supercedes Shark Awards); or when ANY mode is currently running.
In addition, spelling S-h-a-r-k on the left stand-ups appears to simply light Shark FLIP. And the "Shark Chomp Initials" are given to the most recent person to collect a Super Jackpot at the Shark Scoop in Multiball.
Alright, I believe that covers all (or most) things Shark-related, but if anyone knows differently, let me know.
Note: This all relates to the ChadH v4.01 unofficial code.