What are you capturing exactly, and on what type of computer? The reason I ask is that for HDV there is a free capture program "HDVSplit" that works better than Premiere Pro anyway.
Other than that, you are not going to be able to change projects without disrupting the capture.
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As far as I know, tape capture REQUIRES the computer "focus" or it stops... meaning you can't do two things at once
You might try a different program for capture
I have NOT used it, but many say to try this for HDV capture http://strony.aster.pl/paviko/hdvsplit.htm
The computer is a two year old iMac. 3.4GHz Intel Core i7 8GB RAM. The capture footage is about 6 hours of standard def mini DV tapes for a multicam project. I am editing a scripted project and capturing at the same time. So far both are working fine except it would be a lot better if I could mute the capture audio.
I would like to stay in Adobe but will try the other capture software. Thank you for your replies.