This question was posted in response to the following article: http://help.adobe.com/en_US/premiereelements/using/WS37457F74-854C-4d9e-8DCE-692DA9646CD4. html
Will movie be distorted if the capture rate is 30 fps and the edit timeline is set for 24 fps?
No. In fact, you won't even notice it if you apply a Frame Blend.
In FACT, there's no point in doing so. You'll always get your best results when your project settings match your source video.