Intermediate H.264...with timecode?

I'm not a Matrox user...yet.

I'm interested in accelerating my H.264 transcoding of proxies (previews) in CatDV. I tried an elgato Turbo264 but it wasn't able to preserve the timecode track of the MP4 it created. It, and probably many other products have a "delivery" focus on the movies they create, which means timecode is irrelevant to them (I should have known by the elgato packaging: "Great for your iPod!").

CatDV itself created Quicktime-wrapped H.264 proxies with Quicktime timecode track intact (also a visual, burn in timecode track if you like, and an extra title layer if you want to ID the file name or something). But if my media management strategy is to get everything I've ever shot and everything I ever will shoot into CatDV, I had better find an acceleration solution right quick!

I've got CatDV on a Mac, but I'd prefer to do the encoding on a PC. I understand that while there's plugin support across Mac/Quicktime applications, the only game for Matrox MAX on the PC is through Adobe Encoder.

Is anybody encoding H.264 with timecode? Does Matrox MAX and Encoder-created movies keep their original timecode?