[Peter Hansen]

Why not edit the material in it’s native resolution?

When you’re finished just create a new Sequence with the settings you wish (NTSC) and drop your edited sequence into that newly created one. Scale the picture down a bit and your good to go. At least this is how I would do it.

BTW: Please don’t use 720 to describe NTSC (720×480) footage (480i would be the correct term), because some people might think you mean 720p which is 1280×720.