Did you know you can see exactly what is happening with dynamics bones if you uncheck "allow frame skipping" on animation menu?
You can change in real time dynamic values of each bone. It's not an animated value, but you can see the change of behavior. To do this just use the select bone tool, open the constraints dialog, select the bone you want and press the play button. Now, dragging the right mouse button over each numeric box on constraints window you can change each value (dragging left decreases, dragging right increases). It's a very nice feature, very useful in cases like this, where you want to get a very exact result.
I recommend you starting by the bone of bottom. Once each it's just like you want, start with the others, from bottom to top.
For your animation I think it would be nice to use the scale bone tool too. This way you can give a weight sensation. The graph mode is fantastic to make it smoother.
Now, if you are sure to do it by hand (personally, usually I work this kind of animation by hand), as tip I can tell you it's one hundred times better to use the graph mode, and you must consider it's a wave movement so bones on top will react later than bones on bottom.
Maybe this little tutorial could be useful for you
viewtopic.php?t=15647
Don't forget to maintain the balance.
PD: I love your design and animation, please keep sharing
