Probably the easiest way to do this, assuming you only need to do it once is via aggregation framework.
Basically you can run db.collection.aggregate({$project:{field1:1,field2:1,field3:1, [...], submitTime:{$<do-some-conversion-here}, etc}}, {$out: "newCollectionName"});
The question is what is the conversion that needs to be done to turn "$SUBMIT_TIME" into new field which is its equivalent ISODate().
Basically you need to "normalize" the string format and then select appropriate numbers for year/month/date and construct a new ISODate via date arithmetic. It's a bit of a pain, but it is doable.
To be honest, it *might* be simpler to just do it in JavaScript vis a script that you would run in the shell but on the server machine (I assume this is a single mongod and not a sharded cluster?)
Asya