Hi rmshro0,
How is it 2012 and Adobe does not still have an answer to this problem? After trying to editing/convert/mux/edit variable frame rate videos for the past 5 hours I am just exhausted. No amount of conversion apps, etc have saved us and THEY SHOULD NOT HAVE TOO.
You can now work with variable frame rate video in Premiere Pro CC 2018 (12.0.1). Feel free to download that version from Creative Cloud.
More info here: New features summary for the January 2018 and October 2017 releases of Adobe Premiere Pro CC.
See also this link: https://www.premierebro.com/blog/premiere-pro-1201-update-variable-frame-rate-and-new-feat ures
I apologize that it took so long.
Thanks,
Kevin