Dave's answer made me curious. Sorry Dave, but that isn't accurate. Steve's answer in post #1 works, but when I tried it, it started with a 1 and then shifted to a 2. I am not sure why.
I just tested using the 200% setting to eliminate every other frame, and then setting the result to 50% to regain the original speed of the video and it worked perfectly. Premiere Pro was dead on. This may require progressive instead of interlaced footage (I didn't check), but Pete's is likely progressive.
The following screen capture explains my test.
