A yellow bar doesn’t mean that you will be required to render the timeline for realtime playback. It means that you ‘might’ have to, and this all depends on your system’s specs as well as some settings within PPro.
Here’s a wonderful explanation of the green, yellow and red bars.
https://blogs.adobe.com/premiereprotraining/2011/02/red-yellow-and-green-render-bars.html
You might want to simply import your footage into PPRo, flip the image, then export at the sequence’s setting. Same results, it’s just that you’re eliminating one step, and ensuring that your file will be of the highest compatibility with PPro and the particular sequence setting.
Depending on your budget, you may want to look at Cineform’s Neoscene for HDV conversion to Cineform’s codec, which is a much better editing format than HDV or H.264. You’d still have to flip the image in the edit.
Steve Brame
creative illusions Productions