Thanks again Alex. I was told on the Adobe forums that I might need to convert to AVI DV NTSC before importing into Premiere Pro. I haven’t really nailed down that convo yet though. Here are the specs of the source file and the exported file:

.VOB source files:
VIDEO_TS\VTS_02_1.VOB
VIDEO_TS\VTS_02_2.VOB
VIDEO_TS\VTS_02_3.VOB
VIDEO_TS\VTS_02_4.VOB
VIDEO_TS\VTS_02_5.VOB
Format: MPEG-PS (MPEG-2 Program Stream)
Duration: 2h 19m 42s 144ms
Size: 4.12 GB
Bitrate: 4219 kbps

Data:
Codec: DVD_NAV

Video:
Codec: MPEG-2 video
Duration: 2h 19m 41s 906ms (251,205 frames)
Bitrate: 4000 kbps
First frame: 0.00s
Frame interval: 33366 (0.033s)
Framerate: 29.97 frames/sec
Resolution: 720x480
Aspect: 4:3
Pixel format: YUV420P
Interlace: TFF
Color range: MPEG
Color space: BT409BG
Color primaries: BT470M
Color transfer: BT470M
Profile: Main @ L8.0
B-frames mode: 1
Maximum B-frames: 2 frames
B-delay: 1 frame
ReFrames: 1 frame
Packets per frame: 1 packet

Audio:
Codec: ATSC A/52A (AC-3)
Duration: 2h 19m 42s 144ms
Bitrate: 256 kbps
First frame: 0.00s
Frame interval: 32000 (0.032s)
Framesize: 1536 samples
Channels: Stereo
Layout: L R
Samplerate: 48000hz
Bit depth: 32 bit

FPS = 29.97

Looks like the duration length of the audio and video are off, with different frame intervals.