Catalyst will happily chase timecode whatever frames it's at. The key is to give it a trigger point.

You can do this by putting LTC up the chuff of your lighting console, or use a Catalyst cuelist.
Simply get a lighting board cue, for example, to play a clip at the relevant timecode frame. Most decent lighting consoles can lock to LTC very quickly. Make sure you pipe LTC into Catalyst via the line in, as Simon suggests and then use the sync to LTC playmodes to get your movie clip to chase the code. It will do this irrespective of the timecode value if you do not use Inframe/Outframe. Personally I find the Inframe/Outframe feature of the MTC/LTC and sync to Sony playmodes a waste of time.

If you use presets, it's easy to make a cuelist that will trigger presets on particular timecode frame - just like you do on a lighting console.

Hugh