Hi Dave,
We do this all the time and it works really well. Your footage remains at 23.98, but the cinewave analog outputs spit it out with real-time 29.97 pulldown (and letterboxing if you wish as well). We've done all our client approvals to betacam/vhs/dv in this fashion.
Regards,
Adam
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Adam Stern
Artifex Studios Ltd.
http://www.artifexstudios.com