Conforming 30.00 to 29.97

Surprisingly, this isn't a 5DmkII question.

Potentially I might have a lot of footage coming in that would be recorded at 30.00 from a PC. I want to be able to mix this easily with footage from a camera and have them play together nicely. I can batch conform to 29.97 in Cinema Tools but I'd like to know a bit more about what is actually going on before I do.

I know the logic behind 29.97 and drop frame so I assume if I conform, it just slows down the audio AND video by .1% to playback at 29.97. Is that going to make any significant audio changes to my footage? Is there potential problem this can cause or is this an easy everyday process? This is kinda new to me so I want to be as prepared to answer questions as possible when this starts to roll in.

Thanks in advance!