“When using twixtor to convert frame rate does it result in a change in speed also?”
As Pete said but will repeat with different words so it’s real clear,
in FCP 6/7:
the frame rate is effectively controlled by the application settings – the rate at which the video will playback after you render it, X frames per second.
if the original source movie FPS does not match the output FPS of FCP then FCP will skip or double some frames on input. To avoid that you need the Cinema Tools workaround to have the source movie and the output at the same FPS to start. When doing so, the original action is now played slower/faster – and sound would not be synched anymore.
Then you use Twixtor to generate as many frames as you want. Some people use it just to frame rate convert, after the conform step, then you undo it with twixtor (e.g. 30 to 24P, after cinema tools the 30 frames would play slower in 24P timeline, then twixtor 1.25X speed (30/24) will give 24 different frames equally distant in time which might be a better look then reverse telecine sort of thing).
Pierre