Yes Dragonspear, I guess it doesn't really matter as long as it's all consistent. Although, if I want to do something time-related in my video, such as adding a countdown timer at the corner, I would probably want to make sure it's time-accurate. I know it would only be two frames of difference over a minute, but I'm a perfectionist :-)
Bottomline, I just need to remember that timecode is just a counting system, and one minute in timecode lapse is not necessarily one minute in real time (unless I make sure it's DF timecode for 29.97fps footage).