You can maybe save some time using either RE:Flex Morph or Twixtor. The prep would be slightly different, and in some cases you will have to do some shape animation anyway.
With RE:Flex Morph, you could for example make a comp where all your elements are separated by a black frame and you animate the Key-Pix ON-OFF using the black frames as reference. Your turn Auto-Align ON and if it’s not automorph well enough, well you had shapes. You can in a case like that as there is sections without morphing in-between always reuse the same shapes, default them to be out-of-screen so they have no impact (the Mask menu is not animatable).
With Twixtor, you can put your footage into comp1 and leave Twixtor at speed 100% then in Comp2 use timeremapping to define transitions (you could also do it directly in Twixtor in “Frames” mode).
eg: put Keyframes Frame 1 = Frame 1, Frame 8 = Frame 8, Frame 10 = Frame 9, Frame 18 = Frame 17, Frame 20 = Frame 18… (so a bit of book keeping). In the case of Twixtor, you have to animate using Masks or not.
Both techniques would provide flexibility, allowing you to choose to make a 2 frames transition, to shrink your 8/8 to 7/7 with a two frame transition…
Pierre
http://www.revisionfx.com