Actually, not to put too fine a point on it, but it's 24 frames/second and 16 frames to a foot. But your math is basically right, about 10 (more like 11) minutes per reel at 1000 ft per reel. Which I think is why TV shows are 22 minutes per half an hour (a "double reel")MIDI Life Crisis wrote: Since 1000 feet of 35mm film running at about 16fps (or thereabout) came out to 10 minutes. "Two reelers" would then be 20 minutes long or there about. I know, sounds crazy, but that's what happened. A "feature" might be 6 or 8 reels or more. The theaters would routinely cut out sections they didn't like!
To answer the basic question, I have done films with all the chunks in one long project, but it was only a hour and had a purposely limited palette of sounds. However, I wouldn't suggest that. Lately I've done each cue as a separate project, with one project where all the mixes reside, lined up to the total running time of the film.
Working in reels always seemed smart to me, and I'm sure the big boys still do it that way, but the new editors don't seem to understand that. Instead they send you the entire film in one QT file. So if you don't line everything up to that, you have to explain what you've done. I just find working with each cue as a separate chunk and lining them up in one long master an easier way to insure sync to the whole film.