Here’s something I did, which takes a bit of prep, but will save you in the long run.
I am using Media Composer 2.6.4 with a Mojo SDI on Mac.
I was working on an 44 minute show and didn’t want throw an effect on a track and render the whole sequence. I rendered a QT movie with Alpha from AfterEffects with a timecode and imported this movie into the AVID. The import takes a couple of hours, but now you have a timecode track that doesn’t need to be rendered. One caveat, when you are about to output, deselect the track with timecode and do an Expert Render In to Out.