Do I need to use Flex Files for a 24 fps edit?

Hello.
I am shooting on 16mm film, transferring to video (with key code burn in), editing on Final Cut 4, then matching back to film.
I would like to save money by not having to create Flex Files, and was told that if I do a reverse telecine in Cinema Tools (converting 29.97 transfer to 24), and then edit at 24 in FCP, I will be able to generate (manually) my own cut list when I am done by noting the key code burned at the head and tail frame of my shots. The Cinema Tools manual even implies it would be able to generate a cut list itself?
Can anyone speak to this or tell me why this plan wouldn't work--why I absolutely need a flex file? This will be a short film (under 10 minutes) and I will be capturing all the footage for the edit, so I don't need the flex file for help with capture, and I don't mind the time needed to log key codes myself for the cut list.
Thanks so much in advance for any help!

Hi. It costs enough to make a difference for my very, very small budget--a flat fee each time I transfer and I am shooting 100 foot rolls so there could be up to five or more transfers. Since I am capturing everything (entire camera rolls), I'm trying to understand if I need the flex files--if the key code is burned in, can't I use that for cut list? In other words, if I don't need the files for importing, what other reasons would you strongly advise me to have them made?

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