Without having FCP5 in my hands to confirm, this should work just like a typical off-line to on-line project we now do in FCP. FCP is pretty good about allowing you to change the settings (some issues do exist such as 0,0 center placement etc) and then following a recapture of the required source using the existing edits. ….No need to make an EDL!
Log and capture, Edit as usual, and when you want to Up the project to HDV or better yet, as uncompressed HD if your system can handle it, you have few options to work with:
Duplicate the project (keeping the original if things go bad…) and change the project settings, recapture as HDV or better
Copy and paste DV based clips from timeline to a new HD timeline, recapture as HDV or better.
Use media Manager to create new file / project, change settings, recapture as HDV or better.
*** The most important factor here will be to do an accurate job when logging, including Reel Numbers, Clips logically named or numbered etc.
Possible issues could include:
FCP HDV Timecode – the long GOP might prove to be an issue for frame accurate recapture…no data here, just a thought that will need to be tested.
SD Editing vs HD Editing: As we know, the increased Resolution of HD can make some SD edits not optinmal, with both image quality (especially focus) and timing being potential areas of concern.
Hope this helps,
T