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The short answer is no. You are not understanding the differences between AE and Premiere.
The normal workflow is to do your compositing in After Effects and then render to a production codec that is lossless or nearly lossless to maintain quality, then edit in Premiere or your favorite NLE.
You can use dynamic link to open an AE project in Premiere Pro, but if the project is complex or uses any GPU accelerated effects in AE like 3D layer extrusion, then this is a bad idea.
Zero space left on your drive is not an excuse. You should not be rendering or reading to the system drive unless you have no other option and with Terabyte drives less than $100 now, not having another drive, even attached to a laptop is just a waste of time. If you want to create shots in AE and edit them in Premiere Pro, the best option is to render.
Thanks for the response.
If I render in a lossless codec from AE and then edit it in premier, will the quality become even lesser?
I'm not making excuses, and it is not about the cost. I have external drives, but I thought that you can't store on an external drive if you're working on the files. If I have to reuse them, won't I have to relink them individually?
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Every production house in the world that is working on more than one project uses external storage for their video files. As long as the drive name and path do not change you have no problems.
Lossless or nearly lossless means that. No visible reduction in quality. That's why every production house that knows what they are doing uses production codecs in their workflow. Production codecs range from uncompressed (which very few use) to Avid, Black Magic Design, ProRez and a host of other specialized codecs. Jpeg2000 and png QuickTime can store alpha channels as well as a bunch of other 3rd party codecs.
The way you start loosing quality is to use highly compressed formats like H.264 or MPEG or AVCHD in your production pipeline. It is usually OK to start with these codecs as original footage if the camera you used only offers these options, but any use of a delivery format in the production pipeline for anything but delivery is not a good idea.
Oh alright I wasn't aware of that. Thanks so much. I'll use an external drive and render the files in lossless.
Thanks for taking the time to explain the production codecs to know, I know very little about this. I really appreciate it. Thanks.
Another excellent codec to use is the Cineform codec (free!). It's nearly lossless and has quite small file sizes compared to Quicktime with the PNG codec. If space is an issue, I would recommend it. Another popular one is the DNxHD codec, but I found Cineform edges it out on quality of the footage in my tests.