Thanks Tangier
As a matter of fact I did try setting the aspect ratio to -33% and that scales the image nicely back to letterbox format, but with the same old shimmer problem. I think the basic problem is that Final Cut’s own rendering capabilities going from anamorphic to letterbox are simply not strong enough to handle images with a lot of fine detail.
The solution I have come up with is to export the anamorphic edit as a Quick Time from FCP and re-render it in After Effects in 8 bit uncompressed FCP codec using the stretch feature in the render parameters (“stretching” down to 720 360 with stretch quality on “high”) This, by the way, gives a much cleaner result than scaling the image inside the composition window itself.
I then take that render and paste it back into After Effects in a 720 480 composition to get the black at the top and bottom and render another pass, still at the same FCP codec. You bring that back into Final Cut with the sequence settings at 8 bit uncompressed and you get a letterbox image with much less shimmer. The file sizes are much bigger than with DV codec but that’s the price of quality!
Cheers, James.