[BC] Time code via MP3?

[Art Reed]

I recently was asked what someone would use to read time code from one 
track of an mp3 recording. (The proposed recording was to come from some 
sort of DVcam, with audio on one channel and time code on the other). 

This recording was to be compressed into an mp3 file and sent to the 
correspondent to be read, presumably with a time code reader of some sort. 

But my question is:  would making an audio cut of this type into an mp3 
corrupt the time code, either by incomplete data storage, or by the 
absence of isolation, or mixing between the channels in the "ripping" 
process?

Art Reed