I have CS5 so can't say for sure what CS4 will do... download the PDF for your version and search for
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basically, no...without pro equipment and switching live and recording to hard drive at a digital station ( DIT ) using cables from output of each camera I cant think how you could do it different than what youre doing on your budget etc.
this isnt a great sample...but was 3 cameras like your thing...and i did it more or less like you do yours now.
but maybe i did something a little different that might speed things up for you...
use many sequences...same project settings etc...just new sequences so you basically take what is GOOD from cam a, b, c, and stick that stuff into a new sequence...then you have another sequence called 'roughcut ' or something...where you'll tweak sound etc...and is more or less your final visual stuff...and export from that final sequence
its hard to explain without getting into this for a long time, but basically by getting the a,b,c, stuff separated it becomes easier to work with and faster to scrub through stuff to make your final edit.
i used copy paste for stuff i cut out of original material so that the original stuff is always THERE...i dont move it except to raise it one level so i know at a glance what I've USED.. if you can visualize that ?? So cam a, b,c would really have 6 levels of video...original and used for each one.
good luck, sounds like a fun thing to do....shoot drama etc.
ps...johns suggestion re: multicamera might work for you...I personally did a tutorial with that multicamera thing and hated it...as it wasnt accurate enough for me, but it might work OK for your stuff...
My question is: does Premiere have a virtual "video mixer" where I can see the captured footage from each camera simultaneously in three different preview windows? Then, like a real video mixer, can I watch all three and choose which camera I want, which will in turn be placed into the timeline?
YES! Its called Multicam.
See this help file for multicam in CS4: http://help.adobe.com/en_US/PremierePro/4.0/WSC29F4BF4-C2EA-4ad5-879E-778C2740A768.html
This is one of many tutorials on Youtube on multicam in CS4: http://www.youtube.com/watch?v=MFcxfupCgyE