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Good idea. As Tom H says - it will letterbox the V/F and LCD, but (and this is a big but) it will NOT letterbox the recorded footage. Recorded footage will be anamorphic (full frame) 16:9, synthesized by expanding the central c.400 lines (from memory) to fill the frame height, giving a "correctly" distorted (tall and thin) anamorphic image.
The captured footage can be treated as true anamorphic 16:9 by your NLE, and will show a small loss of vertical resolution - although I defy your customers to notice it.
I found it OK (until I eventually went to HDV) and it was CERTAINLY better than delivering 4:3 footage eight years into the in 21st Century - which I would find professionally excruciatingly embarrassing.
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