If your source material is SD, you should be OK, If it is AVCHD or DSLR, that notebook is way too underpowered.
>Moved all my footage to an external drive
If USB2, you won't be happy
External eSata or USB3 are both fast enough for video editing... eSata is better - http://forums.adobe.com/thread/1117813
It's both AVCHD and DSLR. Are you saying it's too underpowered to do either of the scenarios I mentioned above, or both? One way, I will just edit each scene, and export them. Then, I'll begin with a clean slate, bringing those edited sequences back in and dropping them on a timeline in a new project. The files will be huge, but I'll only be working with those files. Nothing else will be in the way. Then I'll just have to put them in order and do a few transitions (dissolves mostly) between some of the scenes, then export the whole thing. The other way was to just build the entire movie with every scene as a sequence, editing them, and moving them to the master timeline. Are you saying I won't be able to do either? If that's the case, then I suppose I'll have to just edit each scene, export them, and then get someone with a monster machine to put it all together for me. Hoping it doesn't come to that, but it's not the worst thing I could have to do.