OK, I think I have found a workaround. It is not pretty.
First to find the clip with the error:
1.Duplicate the sequence you want to Media Manage.
2.Use remove attributes to remove all filters in the sequence.
3.Media manage as normal.
Now you will get an error on a clip. This time it will tell you the clip name and create a sequence successfully with the affected clip offline.
(Mine was from a Sony EX3, had one color correction and a broadcast safe filter. Additionally it had a high speed ramp and we used a freeze frame from the clip) I suspect the freeze frame as the culprit.
Now that you know the affected clip go back to your original sequence with the filters:
1.Duplicate that sequence
2.Delete the problematic clips
3.Media manage as normal
4.Manually move the affected clip in the finder to the destination where you are consolidating your media.
5.Paste the bad clips back into your consolidated sequence in final cut.
6.Reconnect your problematic clips to the one you moved in the finder.
I am finishing up a test consolidate right now. Hopefully it will work.
Hope this helps others, like I said it is not pretty, but it is a workaround.
Thanks for the quick reply Brad. That helped me pin it down.