I am also somewhat a beginner especially when compared to the knowledge and experience of many of the other members here. I have also been working with time warping clips and can give you a little bit of my insight until the heavyweights weigh in on the topic.
If you are looking to slow things down and have a 60p source clip and want to end up with a 24p movie file, the following steps will get you a change of rate to 40% normal without frame loss.
1a) Import 60p clip to Event library with “create optimized media” selected. (I think this creates the 422 conversion)
1b) Create a new project and override the video properties defaults by selecting the “custom” radio button. Select the appropriate format and resolution then select a rate of 24p or 23.98P and hit “OK”
2) Select your clip or clip segment from the event library and drag it into the new project. This will now play real time at the new frame rate, obviously throwing away frames and not what you want but the next step will take care of that.
3) Select your clip in the timeline then select from the menu Modify->Retime->Conform Speed This will now map each of your original frames to the 24p timeline effectively increasing the length of your clip by 250% and slowing the speed to 40% or realtime.
If you want to go slower you can select the entire clip or just a range and use the “retime->Slow” feature and choose 25% or 10%. you can also fine tune the speed change by dragging the right side of the speed change bar in the clip.
If you do go beyond a one to one mapping of frames, in this case slower than 40% I like to also use the “Optical Flow” feature which can be found in the Modify->Retime->Optical Quality menu. This will blend newly created frames for a smoother look. YMMV
That is all I have:)