FYI, I just finished a shoot where the client requested the recording to be 4:3 SD. I basically did the same thing as in my example above (1080 out from the NX5’s, through my Panasonic AWHS-50 Switcher and down-convert w/ crop on Ki Pro input).
During some testing before the shoot, there was a strange occurance where the HDMI output from the Ki Pro was almost completely green. One of two things fixed it, either cycling the “in convert” setting from “SD” to “None” and back to “SD” or cycling the transport mode from playback then returning to record (stop) mode. Sorry, not sure which one fixed it, but I thought I’d let you know that I did experience an issue during down convert w/ crop and that I was able to get around it. Also worth noting is that I experienced the same issue with two Ki Pro’s (which is probably why I can’t recall which method actually remedied the output problem).