I don’t think it will.
BlackMagic doesn’t really “support” 720P.
Those words were uttered to me directly from tech support some time ago
which makes no sense if they provide easy setup.
You can hardware downconvert 1080i to SD and it works great on the multibridge, but it only does 720 to SD in software and looks awful and unuseable.
You can also hardware downconvert 1080i and 720P on ingest to SD, but they won’t put in a 720 to 1080i cross conversion feature like the Kona 3.
I really wish they would just implement that already.