The cheapest method will be using free scripts to do it. Vegas 7 alone is not enough for removal since it requires flags or wants you to do it manually for each and every clip. You can find more information from the link below about doing it for free.
If you don't want to deal with a lot of scripts than the other option can be TMPGenc 4.0 express which can effectively remove the pulldown and costs around $100. I personally use TMPGenc and vegas 7 combination. You can also use TMPGenc for editing.
You can use TMPGenc to change the compression to nearly anything you want. I do capture using vegas 7. Actually I only use TMPGenc to remove the pulldown. The rest I am doing with vegas.
There are filters in TMPGenc. One of them is Deinterlace which has inverse telecine that can detect the cadence and remove it properly.
you don't need to convert anything. When you shoot 24p it is recorded as 60i with pulldown. If you want to get your 24p back you have to remove the pulldown.