Thanks. I am about to purchase FCP and this will be my first shot at HD, so much (most) of this stuff is new to me (have prior experience with SD using Adobe Premier and Sony Vegas). I have a lot to learn about how to use FCP in general, but theres not much I can do until I get an external hard drive, and I want to get the right one so I dont have to upgrade once I know what Im doing.
As far as this project, using five streams or even editing in HD is not the first thing Ill try when learning FCP. But when I do, I would shoot on standard speed on consumer AVCHD or HDV on 30P (I dont think Ill decide between the HF11 and HV30 until the day I order, within a couple weeks). I would apply various amounts of slow motion to the images, and they would get bigger and smaller, and move about the screen. I do not need to preview anything in full HD, so I guess proxies would be fine I just dont know how much more of a pain it is to make and use them. The video would ideally be shown on a duel-layer DVD on a Blue Ray player onto a front projection screen, but I may have to use DVD at first, and later burn the project into duel-layer DVD.
I have no idea how much data my MacBook Pro can handle before it will no longer allow real-time preview. My graphics card is only 128 of VRAM, so I doubt I would be able to use Motion with real time preview, if at all, but I dont think I need Motion this project.