Oh and one more thing: You may want to consider outputting to [16:9 720×480 1.2 PAR] instead of 4×3… that way if you need to zoom out to get the entire stage (in the editing process) you won’t get black bars on the top and bottom of the video (because HD is 16:9). When you would fully zoom out to get the entire HD video in a 16:9 project, you would only see the entire video – with no black bars. Keep this in mind as well.
OK, as you know, all HD is Widescreen. But what I have forgotten is that HD is square pixels… not rectangular pixels (I was tired at the time I posted haha). But, the output format you want (4:3 720×480) is viewed with slightly narrower pixels (0.9 Pixel Aspect). I’m not sure if this will be a problem, but just keep that in mind. You can probably just capture the HD content in a HD project, then create a new 4:3 720×480 project and import the HD content and be fine (without having any pixel aspect ratio problems). Maybe someone else on the boards that has done something like this before can help me answer the PAR question. I’ll keep you informed.
I’m not on my editing computer right now, but I’m pretty sure you adjust the bar on the very top of the Timeline window. Also, you can adjust the little thingy (can’t think of a better name at the moment) on the bottom left hand corner of the Timeline window (has one mountain on one side, and multiple mountains on the other side of the slider adjuster thingy).
I should also add that you should be aware that leaving the camera TOO wide will decrease the amount that you can zoom in on while maintaining 720 pixels by 480 pixels. Also remember that the HD you will be capturing will be in a 1.2 Pixel Aspect Ratio, and the 4:3 I assume you will outputting to will be at a .9 Pixel Aspect Ratio.
Sorry for my blabbering and any pain that it may cause you. Haha.
Deinterlacing should do the trick (I believe you can interpret the footage that you placed in the 720×486 comp)… but why are you working in a 720×540 comp anyway? What does this have to do with PAR (Pixel Aspect Ratio)?