Moving footage from Meridian, Symphony, Adrenaline to Xpress Pro is done all the time. Xpress Pro can play back DV25, 14:1, 28:1 and 35:1. It can capture as DV25 o 28:1.
As far as project types, it is the same as a Film Composer – you would created 24p project and decide whether it is a Method 1 or Method 2. As Mark pointed out, audio will be an issue especially if you want to stay digital which is why I suggested a file based workflow or as Mark suggested dub audio to a DV format.
Michael