I have two projects with the same material.  One project is in an SD format with a frame rate of 29.97 and the other is a 720/24p HD project.  I did color correction on the SD project and put all the CC effects into a bin, then copied the bin into the HD project.  My intention was to apply the same CC effects to the corresponding clips in the HD project so that I did not have to do it all over again and so it would match exactly.  The problem is, when I try to drag a CC effect onto a clip in the HD project's timeline, I get an error that says

"Clip frame rate (2997) does not match project frame rate (23976).  Transcode this clip to the current project frame rate before using it."

Is that even possible to do???  How???

My understanding was that you cannot transcode frame rates in Xpress Pro, and that effects couldn't be transcoded anyway.  Is there something I don't know?

Please help if you have an answer!  Thank you!

You're right.  That's annoying.  Here's what you can do:

Drag the saved color correction effect(s) from your bin onto the C1-C4 buttons in the color corrector.  Repeat as necessary.