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Create a new project with the settings you want and import the project with the incorrect settings. Double click on the bin with the old project name then double-click on any sequence to open it in the timeline panel.
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If he captured HDV in a DV preset, Eddie, would he still be able to get away with the Import Project trick? I would have thought he'd have to recapture, and hence reedit.
You might have to offline the DV clips to get them in at HDV (really not sure....). If that is the case, you will need to batch re-capture the clips and be sure to select "override capture settings" in the dialog box that appears.
I can tell you that it is possible to properly capture NTSC 1080i footage into a PAL DV Widescreen project and it is still NTSC 1080i footage. I created a new native HDV project and the footage captured in the DV PAL project worked properly in the HDV project with no red rendering indication.
If you capture footage from a DV device (like a camcorder) in Premiere it captures to the format of the tape/camcorder PAL NTSC HDV etc. I had the same issue. Importing the project works, you need to fix things by resizing, but it saves a lot of time.