Premiere does a very bad job in downscaling.
Have a look at the Adobe forum and look for posts by Dan Isaac. He has a wonderful workflow with remarkable good results.
If an audio track plays in iTunes it does not automaticly means that it will play in Premiere. Could be a codec problem. If you want to be on the save side stick to wave.
If your audio is different from the default setting it will choose a new track.
Your default settings are usually stereo but if you have audio which is mono it will automatically set it self to track 4.
Project settings need to be the same as the footage.
So hdv settings for hdv footage etc.
HDV footage can also be captured by HDV-split which will also give you scenesplitting.
When using scale to fit Premiere sets the image to 100 %. When images go black it means the are too large/many for Premiere to handle.
Reduce them in PS to 1440×1080 when no zooming or panning on the image.