Hi Anshul
Before answering your question, keep in mind the following:
-the camera can be set to 59.94 (for NTSC word) or 60.00 (for Pal world).
-the camera shoot at any speed between 1 and 60 frames per second BUT the VTR always record 60 frames per second (the magic is in the shutter of the camera, not the VTR). I am not aware of a PAL-friendly 720p format (doing 50 instead of 60).
-the camera only record in progressive mode.
-each active frame is identified in the user bit.
-you need a frame rate converter to get rid of the non active frames. Some NLE can also get rid of those frames at ingest time.
Some answers:
A- Each active frame has a bit enabled in the user bit, whatever 720/24/59.94 (that being 23.97) or 720/24/60.00 (that being 24).
B- 25p/50i are almost the same, except for field motion (progressive vs interlaced). For video project, you could use 25p to get a film look. Video look would be emulated with 50p, converted to 25p (where each frame would become a field). Some NLE can do that field merge operation.
C- the workflow would be: shoot at 720/25p, get a Panasonic frame rate converter to create 1080/25p and create new tapes. The downconvert to SD beta for offline. Conform with 1080/25p tapes and keep the 720/25p in your vault (just like you do with film negative reels).
I recommand you to talk with your Panasonic reseller in India. You can also visit the Panasonic web site. Lof of data is available.