After some experimentation, this is what I think I'm going to do, was looking for a sanity check:
My GoPro creates 1080P MP4 files. I chose 1080P since it's the only setting where the narrow field of view option is available on the GoPro.
1. Use GoPro's Cineform editor to convert the 1080P MP4 files to 720x1280 AVI files.
Note: this creates AVI files 4x the size of the input MP4 file. I'm guessing/hoping this won't be a problem since PrEl doesn't import/store the entire file into memory, rather opens the file and reads a frame to use for a thumbnail, and reads the video content from disk when needed. Plan to use PrEl's clip editor to extract small clips out of all these very large files anyway. It's just the small clips that wind up on the PrEl timeline and thus must be stored in memory. At least that's what I'm thinking.
2. Choose the PrEl 7 project preset: "HDV 720p 30" which matches the AVI file's frame size and rate. With this preset, the AVI files played smoothly in PrEl's clip editor and preview pane, better than the Cineform converted 884x480 AVI files.
3. For output of the finished product for playback on a PC, chose MPEG format with the "HD 720P 30" output preset. This looked good on the PC. Could optionally use output preset "NTSC DVD Widescreen" for burning to DVD.
Sound good? Am I missing any "gotchas" here?
One last question, in my test project, I just created two clips, dragged them to the timeline end to end, and applied the Cross Dissolve transition to the clips. I noticed that during the dissolve, when you can see parts of both clips in the preview monitor, only one clip is actually moving. That is, until the CTI indicator has reached the first frame of the 2nd clip on the timeline, only the 1st clip is moving eventhough you can see the first frame of the 2nd clip in the monitor, but it's just a still image. Once the CTI reaches the 2nd clip, the first clip stops moving and the 2nd clip starts moving. I would have expected to see both clips moving simultaneously throughout the dissolve. Is this expected or a sign that something is still amiss?
Thanks in advance for any advice,
[Moved to Premiere Elements Forum]
Re your question on the cross dissolve transition, note that when you drag a transition to the timeline it can be located to the left, center, or right of the cut. If you want to change it after placement you can either drag the transition box (the one with the swirly arrow) directly or through the transition properties:
Also take a look at Bill Hunts reply #7 in Timelapse movie in PSE10? It goes into detail about 'handles' that are also important to understanding unexpected results with transitions.
Insanity is hereditary, you get it from your children