If I were to record on the Varicam at say 48fps, could I get the signal into a SRW-1 (recording at 24PsF)? I know the varicam flags frames, but could the SRW remove those excess frames? (I know they're made by two different manufactures.)

You should ask a Sony rep about this; I've personally not used the SRW-1 but have worked with other production facilities that do. Since the Sony is working in HDCAM/SR and is designed to work with the F900 series cameras there's nothing to indicate it will play well with any other manufacturers camera system.