I am a bit confused. Steps 1, 2 & 3 are all possible.
But why would you do step 4. You already have an uncompressed clip. Why put it on a timeline and rerender and then export the same thing again?
By the way, when you export to MPEG2 from Premiere Pro, it does not use the rendered files. It starts from scratch using the original material. So there is no degradation of going to DV first. Of course, this only matters to titles and stills and the like. The DV clips will never get any better than DV. Even uncompressing them does not increase the quality. Something about a silk purse from a cow’s ear?
Steven
Adobe Premiere Pro 1.5.1 / After Effects 6.5 Pro https://www.stevengotz.com
Learning Adobe Premiere Pro 1.5 https://www.lynda.com
Contributing Writer, PeachPit Press, Visual QuickPro Guide, Premiere Pro 1.5