I have not come across the is before and I know I have several paths that this could take. I am looking for the pitfalls or advantages of doing one over the other. I have a premiere pro project where the sequence was setup(not by me) at 59.94fps. The target output is 29.97fps. I know I can change the sequence settings and i can change the fps on the output. What is the best practice in this scenario?
Are you SURE it's 59.94fps? And not listed as "1080i59.94?" Because 1080i59.94 runs at 29.97fps. The "i" indicates interlaced, and the number after that indicates number of images. Interlaced video has two fields per frame, so 60 images per second, running at 29.97fps.
If it says 1080p59.94 or 720p59.94, then it is 60fps.