So then to tie this up, am I able to automate that value to change based upon the clip that the effect is dropped on in FCP? Or will I need to create a version of the effect for 24fps, 25fps, 29.97fps etc etc?
This technique only works in Motion and cannot be used to create an effect for FCPX which leave Retiming behaviors except Motion will not allow using the Retiming behaviors on anything other than an actual video clip (since the 5.4.2. update!) either!! My Fake Frame Rate effect [I did about 5 years ago has broken] used to use the Strobe behavior on the Effect Source... I no longer can place **any** of the Retiming behaviors on anything except an actual clip which really burns me because I had an effect that I used a Retiming behavior on (that still works in FCPX) that I was going to release, but probably cannot now.
There is a way to create speed changes with a Replicator, a Clone and build your own behaviors, but you will be stuck with looping when speeding up a clip (and other issues that will probably make it not worthwhile.)
It would be easier to simply import your video, make your frame rate change, save as a generator and add the generator to the storyline. When you're done with the project, you can simply trash the generator. You might get away with leaving media in its original location and not saving a copy into the Media folder... but I'm not sure about that.