In regards to using Cool Edit Pro, it is possible, and I have done it with a Tascam MSR-16 and a Tascam Midiizer converting SMPTE to MTC. With that said, CEP is only so-so at doing the sync, because you constantly have to re-arm CEP in order for it to sync up with the tape machine. This is kind of a pain to do, especially considering that you have to do this after every time you stop the tape machine, but before you hit play on the machine again.
For about $40 you can get N-Track, which I've found does a really good job of syncing up with tape machines.
Just thought I'd throw that out there!
-MD