IN Vegas Video Can I . . . .
 

do something like "Time Compression" such that while a HC scene is occuring it runs at 29.97 fps, but while the other stuff is occuring it runs faster. that way 10 min goes by in 1 min or so.

You mean like a fast motion effect? If so look up Velocity Envelopes.

Yes, there is a plug in for that.

are you talking about the opposite of slow motion effect?? if yes, i think i can help you with that.