there's a hardware forum here
thats good for your question. try to search using specifics...like what hd camera you will get, what you have to do to deal with that specific wrapper and codec with cs3 in terms of hardware and OS and so on. CS3 is 32 bit program, so you're limited to that in terms of ram usage etc.
Some ( like me and I use cs3 ) people use something called neoscene (cineform) to try to make cs3 work okay with hd source stuff...it converts to avi using cineform codec ). Then the creation of blue ray or dvd is another story...
it sounds to me like youll have to do some homework , get more specific about what hd camera you will use ( wrapper and codec ) and then move on from there. A word of warning...premiere pro ( even cs3 which is the older version ..it is now cs6 and 64 bit ) does require a lot of the user in terms of getting the most out of the program. It isn't a program for those who want to avoid knowing about how things work and what has to be done etc...like just press a button and stuff magically happens. Good luck !
[Moved to Hardware Forum]