OK, contrary to my statement (and failing memory) I've found the following:
"Q: How Does Drop Frame Timecode Compare To RC Timecode?
A: Both Drop Frame and RC Timecode are designed to mark specific locations on the video tape. They measure minutes, seconds, and frames on the tape. The basic difference between these two types of timecode is the recording format they use. RC Timecode is used with analog video recordings. Drop Frame Timecode is used with digital video recordings."
I believe the Digital standard is SMPTE.
These may help.....
http://www.mindspring.com/~d-v-c/Timecode.htm
http://rlpg.com/video/education/archive/jan2002/0102_01.html
BTW, The TR38 looks to be a very nice choice.