Thanks for the response and I should have clarified a couple other things before you went to the trouble of answering. I am using FCE (so no Compressor) and then would likely burn it in iDVD or Toast Titanium 9 (will likely use iDVD).
What I have been told to do is… once done editting open a new project in 4:3 (the one I chose from the presets is – DV NTSC 48khz) and then copy the timeline from the 16:9 project into the 4:3 one. When I do this all is well …the 16:9 footage is letterboxed (transparent bars above and below in the canvas and aspect looks correct) HOWEVER, when I export QT movie the .mov file shows letterboxed (which again is expected) BUT the video looks a bit squatty (compressed from top to bottom or maybe stretched horzontally). Is that going to correct itself once I burn the dvd in 16:9? What am I missing?
Thanks for your input