It is perfectly safe to shoot HDV and edit HDV using Premiere Pro CS3. Your capturing is a little odd, since there is no scene detection and you can’t see the viseo on the PC as you capture. I recommend using a free program “HDVSplit” to capture unless you capture manually. Never capture over a stop/start point.
It works, but there are ways to make it work better. Like using Cineform Aspect HD. Either way, just make sure you have a fast PC.
Steven
https://www.stevengotz.com