Are we talking time remap or fit to fill here?
If time remap, then yes, you need to either capture small discrete clips, or qt out just the section of the clip you want to remap and import back in to apply the effect. It otherwise applies a remap to the entire master clip. The time remap tool, at least in 4.5 (dont have 5.0 here yet), doesn't deliver as advertised when applied to large master clips, which is the way a lot of people capture. It needs to be fixed.
If we're talking fit to fill, then afaik it's a simple matter of entering ins and outs on the incoming clip and timeline positions. That will of course result in one continous speed -either faster or slower- and not a ramp or variable ramp.
Clay