I'd say more Operator Error than a bug.
Edit in the 5k sequence, and change you resolution upon export.
I don't think you're understanding the problem.
- The 2:1 aspect of the source 5K footage disables the output of the Blackmagic Decklink Extreme 3D card so all external professional monitoring is lost. The card requires 16:9 or 4:3 aspect ratios. A 16:9 5K sequence does not exist.
- Down-rez'ing the final output would result in black bars top/bottom of the final image. There is no way that I've been able to find in Premiere to do the center punch crop on final output.
Right now it seems like the suggested workflow for Red, specifically Red Epic media, would be to work in a 1080p sequence so you can resize the material for the 16:9 output without any quality loss (in fact you can radically resize the image without quality loss if nessecary). ...but that brings me back to the problem of giant timecode over the trim monitor...
The first issue you'd have to take up with Blackmagic. I do agree that ALL third-party hardware that allows external monitoring needs to be able to convert on-the-fly what it receives from Mercury Transmit to whatever you need for your monitor. It can't simply be a hardware pass-through.
The second can be addressed by using the correct output settings. For example, if you want a Pan & Scan version of the original frame to fit in the 16:9 window (which I personally believe is the wrong way to go), you can use the Scale to Fill option in the export settings.
Sorry Jim but I think you're trying to pound a square peg into a round hole.
The Decklink card needs a 16:9 sequence to work. And I need a 16:9 aspect for accurate frame guides. I agree that it SHOULD be able to take anything Mercury Transmit send it but it doesn't. That's the way the hardware/software is currently working.
Scale to fit will result in black bars on the top/bottom of the final 16:9 output. It will match frame width, not the frame height. To the best of my knowledge the only way to crop the 2:1 original R3D media to fit a 16:9 frame is to manually resize it and then copy/paste to all the similar clips in the project. Clumbsy, I know, but that seems to be the only way to do it.
...that brings me back to the problem of giant timecode across the trim window...
It will match frame width, not the frame height.
Scale to FIT will do that. Scale to FILL will crop it.
But...why would you want to that anyway? Ideally you want the entire frame to be seen, so black bars will be necessary, and normal.
Getting off topic but I've never heard of scale to fill. I've looked through the Premiere documentation and can't find any mention of it. Is this a one-click solution? Anyone I know who is using Premiere to cut Epic is resizing manually and then copy/paste the effect to all the clips.
Scale to Fit and Fill are new to Premiere Pro CS6. You find them in the output settings, over the image on the left.