Jerry’s comments notwithstanding, I’m not sure if you have much to gain just for a first pass DVD. I’d say do a few color correction tests to see if you can get satisfactory results with the DV material you already have.
I do believe that DV material, if brought in via SDI, is uploaded to DVCPro50, it will not only look better than when it is brought in via firewire to DV, but you will definately have a better experience with it if you are keying or color correcting. Jerry is correct that the processing happens in uncompressed color space, but that pixel that has been changed has to be written BACK to the codec of the sequence. If the 4:1:1 space doesn’t allow for a certain black level or level of red etc, it would benefit from being written to a 4:2:2 codec. It will have more “space” or range for the color, lumanance etc.
Just not sure for a first pass it is necessary. It leaves you some room to tell the client that the final video will be even better!
Rich Rubasch
Tilt Media