Yes, but having a frame count for each reel makes it easier, and you can de-dupe 90% of it just by calculating the histogram for each frame and deleting those that are very close. You will get 95% of the film de-duped by automated methods, and then spend a few hours doing the rest manually.

The big advantage is speed of course by going with real-time capture, downside is de-duping.

It would be preferably to trigger the light source to pulse once for each frame, then it is easy to de-dupe. You just don't want the black ones :)