If you are going to re-edit your shots in Premiere after applying effects in AE then you will be better off rendering the shots in AE with handles on them. Don't try and bring in a whole movie. Nobody that knows what they are doing does that. I even add handles to my dynamic linked shots in Premiere Pro and I seldom bring in more than one shot at a time. The easiest way to add handles is to drag the shot to another layer in PPro and extend the in and out points. You can also change the length of the comp in AE, but be careful, AE doesn't return audio tracks to Premiere so you'll loose audio sync if you're not careful. If I have a bunch of shots that need to be processed in AE I'll rough cut them in PPro leaving plenty of room (handles) on the in and out points, then process and render them in AE, and bring the renders back into Premiere Pro and do the fine cutting there. One freebie hint coming next: You don't have to put your entire movie in a single sequence. When doing what I just described I'll often edit the processed sequence and then bring that sequence into my final movie timeline. That's how feature films are cut. Each act, maybe even each scene is cut as a separate sequence, then the sequences are assembled into the movie. Nobody I know that cuts features cuts the entire project in a single timeline unless they are so strapped for time that the first edit is the one they have to go with.
Secondly, yes it will take PPro a long time to render shots processed in AE with effects because you're rendering with effects and you're also now running two apps at the same time on your system. See tha first answer for the solution. You will work faster if you render things out in AE and then replace the footage in Premiere.
Third question, if you transcode to any codec, then render to the same codec, everything will remain the same. If you're using dynamic link then the rendering will be to the same codec for the entire Premiere project. AE always processes uncompressed at the project bit depth before the pixels are sent to the rendering engine. There are no render settings for dynamic link. It always uses the the same rendering and compression settings used in premiere.
Thanks for the awesome answer!!
The problem is this: I film with a Canon T2i, so there is usually a decent amount of grain in each shot. So, what I do is perform a basic cut and then I need to edit (usually) every shot on the timeline in AE with Denoiser. So to do this should I make an individual comp in AE for each shot That I need to edit, and render it with the same file name as the original source so that it automatically updates in PPro?
So to do this should I make an individual comp in AE for each shot That I need to edit, and render it with the same file name as the original source so that it automatically updates in PPro?
That is REALLY going to slow you down. You're to using AE in an inefficient workflow. You need to get picture lock on your project -- the edit's over, there will be no further changes to the cut -- and THEN do your AE work.
That is a good idea. Thanks!