First you need to force Premiere to interpret the camcorder files as widescreen. So highlight all the camcorder files from the project panel, right-click and select Modify -> Interpret Footage. Then change the pixel aspect ratio to "D1/DV NTSC Widescreen 16:9 (1.2121)".
Next you need to upscale the camcorder files to the HD project window size. So after you drop them on to your timeline... highlight one or more of them, right-click and select "Scale to Frame Size".
Finally you may want to fine tune it to remove edge artifacts or borders. There's a few ways to do this but the quickest would be to just slightly increase the Scale settings in the effects control panel. Once you have a good look, you can just copy and paste the scale settings to all the other clips on the timeline.
Alternatively, you can use Red Giant Instant HD to do the up-scaling as I'm sure it do a much better job.
You can do as Peter suggests, but unless you use something like Instant HD, you are better off combining it all in a standard definition sequence and export to standard dfinition. Even the current HS stuff. Unless you are willing to put up with some pretty awful HD being made from the video from the old camera.
Haha, that's true. You could always try both methods... sometimes the SD content would look better if the TV upscales it to HD vs. using Premiere to upscale it to HD. Also the final SD project would be 1/6 the filesize of an HD project if space is an issue.
Yes, the hardware always seems to be better at showing SD on an HD screen.
It makes me wonder why the sophisticated software we now use can't do it for us, but, alas, not just yet.