Ben,
You’ll be spending a good bit of time rendering, but other than that you’ll be fine. If you convert all your captured HDV material to DVCProHD before editing you might have a little easier time editing simply because HDV is so very processor intensive, while DVCProHD is not. If you doing mostly cuts only, don’t sweat it, but if you’re layering, doing split screens, etc., consider converting before you edit.
DRW