Frankly I would just try to edit with the footage as is, after conforming in CT, without Twixtor. The difference between 29.97 and 30 is very small. You may have to keep a close eye on sync and adust shots as needed, as they are minutely slower than the true 29.97 camera. Depending on how it’s shot and edited, it may not be noticeable at all.
Compressor, Twixtor, and any software solution will take a very long time to render, as you have seen, and you may still have sync issues and jittery motion.