You’re talking about putting an actual 4×3 clip into a 16×9 timeline right?
All you do is drop it in this leaves black on the left and right of the picture.
Now open the motion tab and change the scale to 133, or a little higher if the blanking is still visible. This zooms the centre out to fit the frame. Adjust the y-position of the clip up and down if required (if the heads are cut off for example).
Obviously this reduces the quality a little, but that’s unavoidable.
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