This is just to let everyone know that I have discovered a quirk in Premiere Pro.
The program lets you edit VOB files directly (convenient), but if you adjust the speed of the footage for slo-mo effect, then the render will create a very jumpy and non-usable product. I learned this the hard way (trial and error), so thought it might save someone time in the future if you stumble across this thread looking for answers.
In order to change the speed of your footage, you will need to edit with a different file format. I had to convert my source files to mpeg2's and replace my edited footage. This solved the issue, and allowed Premiere to render the slowed down footage properly.
That's my story.