Thanks for the input so far guys,
The cinematographer and director intended it to be outputted to widescreen since the strong majority (90%+ of the media) was shot at the 2.33 aspect ratio. At this point, i’m thinking of producing at 2.33 because it doesn’t sound like its going to lead to any serious consequences at this point (e.g. distorted playback, having to redo a ton of work over again). If a theater/distributor asks me to deliver a file at 16:9, I’ll adjust the vertical resolution of the timeline to match their request and add black bars/output blanking to the top and bottom of the frame while still maintaining the 2.33 image inside. If someone requests a file at 2.35, 2.39, 2.40, etc. I’ll create a new timeline with a wider output blanking setting and tilt the vertical resolution of the image to best fit that tighter aspect ratio.