The conversion to ProRes LT that you get done elsewhere can be done in-house. Third party apps like Clipfinder and judicious settings on a fast machine can get you conversion near real time.
Regarding working in Avid native, with import via AMA, this works fine if your system and drives are fast. And clips are few and sequences short.
On long form work, with thousands of clips, and where making an AAF/OMF/EDL in the end is needed, conversion is often inevitable. I’ve seen issues particularly with 24fps in PAL which make conversion (transcode) in the end inescapable. And if you have anything else in your timeline – film, video, Canon etc – then conversion is advisable.
But, as with these things, someone else’s experience, as indeed your own, may be different. Therefore it’s YMMV.
As for working with Premiere Pro just because it allows native format editing, I’d recommend getting. Trial version of Premiere Pro and actually editing in it to gauge how comfortable you are in that app and how well you can edit in it. Else, whatever time you save in not converting will quickly be offset by a longer time in the edit process.
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Neil Sadwelkar
neilsadwelkar.blogspot.com
twitter: fcpguru
FCP Editor, Edit systems consultant
Mumbai India