Timecode, using Reaper on a Computer with a console and Outboard Midi Device

Physical Set up

In Reaper

Open Reaper and drop in the Audio file that you want to work with (drop in the grey area)
Right-click in the timeline and scroll down to change it to hours/minutes/seconds/frames
Double-click in the grey area to create a new track
Go to the top menu and go to Insert and insert SMPTE/ MTC Timecode Generator, then stretch it out to match the audio track
Right-click in the white timecode box area, scroll to Source Properties, click on Send Midi (MTC), and use the same frame rates you are using for your track (usually 30 or 29.97), then APPLY and OK

On Your Computer

Use the Applications-->Utilities-->Audio Midi Setup (or search for Audio Midi Setup)
Once open, if you don't see the Midi Studio, go to the top menu --> Window --> Show Midi Studio.
Your MIDI device should be visible there. Double-click on it and make sure the box that says "Device is Online" has a checkmark.

Back in Reaper

Click on the word Reaper in the top left corner ----->Preferences--> Midi Devices.
Look for your Midi Device (xxxBrandxxx), right-click to enable it, and click Apply and OK.
Click on the green 'route' buttons on your timecode track control
Use the drop-down for MIDI hardware Output and choose your MIDI device

In MagicQ Console

Go to Setup -> View Settings -> Midi Time Code
Set the Timecode Frame Rate to match the one you are using
Set Timecode Decode to the format you are using: Midi for Midi, LTC for Linear Timecode
Ensure your cue stack is set to Cue Timing
Double-click on the Halt field to set the cue or cues to "Tc." (You can also multi-select the Halt field and press Shift + Enter until Tc is displayed.
Set the Encoder C button to External Timecode.

In the Real World

Press play in Reaper, and you should see the timecode in Magic Q running along with Reaper timecode.

You can program your show on the console as if manually hitting go for every advance of a cue (or insert follow cues, macros, etc.):

Hold shift and hit Record TimeCode - As the timecode is going, do your programmed show/sequences/whatever.