Yes – transcode to resolution that is close to 14:1 – I would then, just to have the original timecode around is duplicate the original 30fps timecode while in the 29.97 project to the TC30 column. Once transcoded, then open that bin in your 23.976 project. If for whatever reason, you render/transcode any of those clips again, you will have an idea of which clips came from the 29.97 by looking at the TC 30 column and still track the original timecode if needed.
Online would be a repeat of the process with a different quality render.
Seems like some of this management could be automated, but that changed in v6 with the transcode losing all reference to original sources when transcoding in a frame rate other than the source. Just a bit more work for to manage.
Michael