My test clip was 10 secs. long ...
I tried it on two types of action...
...one was a typical movement of a runner... i.e., jogging pace. No panning... camera was fixed on a tripod.
...the other was a faster moving bike... With panning on a tripod.
...both were at a shutter speed of 1/500...although the biker could have been at 1/1000 (but, I don't think so). As a side note, the reason the runner/jogger was take as such a high shutter speed is because I was facing into the sun at the time.
(working from memory) - on the intermediate frames... I only saw some minor blurring changes between using Liquid only vs. Liquid and Mercallie combo on the faster bike clip... and, could not recognize any change in the blurring on the intermediate frames with the runner/joggers. The only difference was the Mercalli combo added jerking... with liquid is was smoother.
Again... I could be wrong.... when I get to my computer... I look those over and see if what I remember is correct with regard to the particulars regarding intermediate frame blurring/blending.
I am looking for a better way to create slow motion... so, your idea of using Mercalli and Liquid could show promise... it's just I haven't found it using a clips with high shutter speed. BTW, I have not tried your method on lower shutter speeds - yet.
Joe