I have 5fps security video that I need to have stamped with time code (HH:MM:SS:f) where the frame would be 0-4. I drop the 5fps clip on the timeline and allow the sequence settings to adapt to it.
Because Premiere cannot imagine anything lower than 24fps, I cannot use the built-in timecode effect (Effect->Video Effects->Video->Timecode). If I attempt to use it, I get screwy nonsense. The playhead position may show 00;00;01;00 for one second into the video but the Timecode stamped on the video shows 00;00;00;05.