Ha ha ... well, thank you very much. That did the trick.
I might also ask that by doing that, it is setting up the new project to match the dimensions and resolution of the original video file?
It's setting the sequence to match. A project doesn't care about timeline settings, it can contain any number of different sequences at different resolutions, frame rates, etc.
>new to Premier
If you have not already done so, here are some tutorial links to visit
A "crash course" http://forums.adobe.com/thread/761834
A Video Primer for Premiere http://forums.adobe.com/thread/498251
Premiere Tutorial http://forums.adobe.com/thread/424009
Premiere Pro Wiki http://premierepro.wikia.com/wiki/Main_Page
Tutorial HD to SD w/CS4 http://bellunevideo.com/tutorials/CS4_HD2SD/CS4_HD2SD.html
Color correction http://forums.adobe.com/thread/892861
After Effects Tutorials http://www.videocopilot.net/
Surround Sound http://forums.adobe.com/thread/517372
Photo Scaling for Video http://forums.adobe.com/thread/450798
-Too Large May = Crash http://forums.adobe.com/thread/879967
-And another crash report http://forums.adobe.com/thread/973935
And, for when you are ready to create discs
Encore Tutorial http://www.precomposed.com/blog/2009/05/encore-tutorial/
And more Encore http://library.creativecow.net/articles/devis_andrew/
Regions and NTSC vs PAL http://forums.adobe.com/thread/951042
-and Regions http://forums.adobe.com/thread/895223