The waveforms can be painfully slow on larger sequences. and they try to redraw everytime you move the timeline or zooma t all. Unless I’m editing audio I leave them off
If you eelect to use Magic bullet or something similar be sure to budget your time to have some extra to play around and get the exact look you want. They can produce good results but may require a bit of tweaking and a LOT of rendering time.
Because it’s mixed with video. it’d be possible but would either require me to deinterlace the video too or go shot by shot and find the pictures. This is one long clip off of a master not a finished sequence so that would take quite a long time.