I've just done this myself for a Christmas DVD. Take your original footage and speed it up a bit, this is better than dropping frames. It gives that particular look.
Use a black colour board at points in the film where you want to add the text (just like a silent movie). Use some clipart to create the frame (holy, or some sort of organic border).
Now use the old movie effect for the duration of the film and all the colour boards you've added.
You might need to play with the chroma key for the clipart, but it is possible to get perfect results with some trial and error.