I want to shoot at 29.97 then render at 25 but without Vegas merging some of the frames. ie, I want it to play back 20 % slower than it was filmed at (it's for a music vid), any ideas?
Make sure you shoot 29.97 progressive, not interlaced.
Bring the clip into Vegas and right click on it.
Disable Resample.
Set playback rate to .8 for slow mo over 24p (23.97)
Or .834 for slowmo over 25p. Vegas doesn't have enough decimal points to make this completely accurate, so it may every once and a while drop a frame. You can also adopt Bob's (farss) frame accurate way here:
Just re-read his post, and he uses it to go to 25p.
To add to Bob's method: I would go ahead and disable resampling anyway, because I (and others here too) do sometimes get funny results when using smart re-sampling.
*IF* you shoot interlaced you should deinterlace. The plus is you'll technically have 60 frames per second (30 fields upper, 30 lower), the minus is they'll be 1/2 vertical resolution. :(
With the extra fields you'll get less less frames Vegas needs to compute though.