Thanks for the replies guys.
As yet this footage hasn't been captured. I just wanted to know a) if it is possible for FCP7 to use it. b) If it was possible, what codec should be used when capturing it using Premiere.
OR, once captured using Premiere, will I have to then re-code it using FCP? If so, can I use ProRes?
Sorry if I sound thick on this one. It's just that I've never come across this work flow before. And Search and Google where not my friend in this case!