Time remapping is the effect you want. However, it's a little confusing at first, as it doesn't keyframe the same way that all other effects do--you actually do your keyframing in the timeline. Check out the help docs (this particular page) for what you need to do to create the speed ramp.
how you guys doing? I have a similar problem*** I have 2k footage shot at 240 frames per second and i need to bring some of that footage up to regular speed???? I only need the slow motion footage for the action parts .. can anyone help me with this????
You may have a problem with that footage. I've seen quite a few folks report PP just not working correctly with anything over 60 fps.
As a workflow note, you should only overcrank (especially that much) for footage that will be slow motion. Shoot normal speed footage at normal speed. Which does mean you will need to decide ahead of time which type of shot each will be.