Google helped me understand:
LTC - linear time code
SMPTE - Society of Motion Picture & Television Engineers
So, you want to build your own electronics that consumes a proprietary linear time code similar to the SMPTE 30 fps standard (preferably using and integrated circuit). I can't say that I've ever come across anyone on Control Booth discussing building any circuits to listen to any form of time code. Perhaps this question on the Arduino stack exchange site will be helpful.
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