Welcome to the forum.
What version of PrE are you using?
PrE 9 has added a new feature, that will allow one to do more settings for Projects, based on the source footage, but it is not as powerful as a similar feature in PrPro CS5, which allows for the "Desktop" Project Preset, where one can adjust, or customize almost all attributes in a Project.
Where is you source footage coming from?
The great, free utility, G-SPOT, will give you all of the specs. of your files. Posting a screen-cap will help us to direct you. It might well be that you will need to convert your footage, to successfully edit it in PrE.
Thnaks for your response.
It's version 8.0... there just doesn't seem to be any further options for changing the presets, other than those I listed in my question.
The footage is an MPEG converted from a DVD (which we have permissions for). We can pretty much specify whatever size we convert the MPEG to, but as mentioned, if we go up to the sizes available in Premiere, it will inevitably crash my laptop and be unworkable.
You're definitely not going to be able to work with a video frame that size in Premiere Elements, Dan. This program doesn't work with custom frame size.
Your best option will be to use one of the standard project presets for DVD -- That's the one for Hard Drive or Flash Drive Camcorders -- and then change the frame size of your video to fill this frame. Yes, it will be over-rezzed, but that's really your only option. But, if you're planning to output your video for, say, web, that won't matter since you're going to go back down in size anyway.
You say this video is from a DVD -- so I'm not sure how you're getting such a strange frame size. DVDs use standard 720x480 frames. Why is your video frame such an odd size?