Michael,
You appear to have most of your hair. Would you like to keep it? Or is ripping it out from frustration more to your liking?
Lets address HDV in Adobe Premiere Pro….
Editing native MPEG video is hard on a PC. The frames are not intact. The majority of the frames must reference other frames and software has to calculate this on the fly. And every time you cut a clip the software has to recalculate the GOP. Meaning recompression. Premiere Pro is VERY slow and unresponsive when editing HDV unless you have a powerful PC, and even then it is lacking. And you are applying efects to 4:2:0 video.
On the other hand, if you use the Cineform Intermediate codec available in the form of Aspect HD 4.0, you will convert all of your MPEG to Cineform AVI and you can edit as smoothly as you currently do with DV. And you are applying effect to 4:2:2 video. The wavelet technology they use is a miracle cure. To put it simply, the $499 price tag is such a bargain that you will wonder why you ever thought of not using Cineform.
And if you have one of the Premiere Pro 2.0 unsupported cameras? Cineform saves the day.
But mainly. all other issues aside, the quality is better with Cineform. Read the articles on their web site. Check out the free trial. See for yourself.
Of course, you will want one of the graphics cards with Component outputs like the Matrox Parhelia APVe or the NVidia Quadro FX-540. That way you can monitor as you edit.
Let’s address HDV in AFter Effects. Adobe has admitted a problem. Aspect HD solves the problem. But don’t take my word for it. Read this: https://www.adobe.com/support/techdocs/332583.html