Obviously, 30 frames don’t fit into a 24 frame timeline. Every fifth source frame will need to be lost, causing jerky movement.
Nearest does exactly that. It uses the nearest frame. 30/24 = 1.25, therefore the source frames needed would be 1.25, 2.5, 3.75, 5. Rounded to the nearest frames, that would be 1, 2, 4, 5. Notice it skips frame 3. This sequence repeats as the fraction 30/24 can be reduced to 5/4.
If you choose Optical Flow, then temporal motion estimation attempts to calculate what a completely non-existent frame 1.25 would look like by analyzing the movement in the images from one frame to the next. This is not perfect science, especially in areas of conflicting motion (think “car driving past a picket fence”). So the results are sometimes good, but mostly crap, and you would not attempt to rely on this for an entire project. Blend simply blends the two adjacent frames. The third frame (2.5) would be a 50%/50% mix of frames two and three, which also would look like crap (unless your entire project is a documentary of slow moving snails).
If you don’t want your project to look like crap, then set your timeline to the same frame rate as your source footage.
P.S. There are third-party tools for dealing with 30i (59.94) and 30p footage inside a 24p timeline. Check out FRAMES by Red Giant Software, part of the Shooter Suite. However, for all the same reasons above, you are still going to end up with different degrees of crap.