Can Metafuse convert footage that is shot @ 59.94 or 29.97?

I don't believe so. I just needed to do this myself the other day and could not figure out a way to do it. I did not consult the manual so you may want to read and see if there is a workaround.

It will convert anything to 24p, frame by frame. With Avid 4 you can open the 24p clip in your NTSC project, promote the motion adapter and adjust the speed. I have converted 3kP50 footage to PAL like that. However the audio was drifting out of sync. Most likely a Red problem since Metafuze doesn't resample audio.