For anyone who has downloaded it, you'll notice that the very first frame of our TC Print is 01:00:07:19. It doesn't start at 01:00:00:00 like you'd expect. When we say "01:00:00:00 @ 'PICTURE START'" on the color bar screen, what we mean is that would be the very first frame of the actual film reel (the picture start frame). We actually counted on our copy of the film how many frames there were from the beginning of the reel to the first frame of the Star Wars logo. So when you see it pop up at 01:00:40:12, it is actually synced up to the film itself.
Edit: Good call Karyudo! At least someone got it.