It only supports 60 - which is the issue.
If I use DaVinci I can get around the issue by choosing 60fps as my playback, even when working on a 24fps timeline.
Premiere does not offer this feature, so i am stuck with working on 60 timelines if I work in Premiere.
I am ok with that being the issue. What has frustrated me is that I read over the website and the manual before purchasing the Monitor 3G. Both the website and the manual mix all of their UltraStudio in/out products into one manual. In the manual it refers to setting your output fps on the more expensive in/outs and then gets into how to set it up for Premiere, After Effects etc. The manual doesn't really talk about the Monitor 3G. So as I read the manual before buying and I took it that the Monitor 3G would work like the manual. It doesn't, which is fine. Its the cheapest one.
If the website and manual would have stated that the Monitor 3G determines the fps playback from your timeline and you can not set that using the BMD desktop video setup software (like you can with the more expensive in/outs) than I would have had a better idea what displays I needed for what I wanted to do.
It doesn't state that. On the box it only states all of the frame rates it can handle and that it works great with big screen TV and reference monitors. I know a lot of people have experience and may take all of this for granted. But, for people new to the industry it seems explaining their product and what it truely can and cannot do would be a benefit to their potential lifelong customers. This is the cheapest sdi/hdmi out they make. Usually people with less experience purchase these products.
Thanks Neil and Richard for the help. I would say with your help and my call to Blackmagic I have found my answer. I'm going to mark this thread as done.