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There is one thing to keep in mind here. You already are comfortable shooting with the HV20. Your instructor's point might make sense if you have never used the camera before but once you get to know how to use it you can pull off some great shots.
It all comes down to how you shoot your movie and what type of movie it is. Shooting a movie isn't like shooting a wedding or the news where you need quick easy to use controls. Many movies do tend to have a setup period where you can get the shot just right. For all the bad talk the HV20 gets for controlling the camera you will be able to setup shots with focus and exposure in a fraction of the time it takes Hollywood to do so with a film camera. Focusing and exposure should only be an issue if you plan on shooting in difficult situations where things may change suddenly. Again it all depends on the type of movie this is. If the movie will have lots of locked down shots such as talking heads and so forth then how could focus and exposure be an issue? Thats about as easy as you can get for setting up a camera. Sure doing it with the PD170 may be faster but we are only talking seconds to a few minutes of extra time. I would hope you guys wouldn't be forced to setup new shots that fast or else you are just asking for problems.
I cannot remember 100% but I am pretty sure there is a Cineform decoder for free. The trial is more so to capture and get the extra editing features in Premiere. Once the trial is done you should still be able to read the Cineform files in Premiere, you just will not be able to capture any more clips. Just make sure you capture everything within those 15 days. I don't think the codec works as well in terms of performance however after the trial so if you can buying a copy would be a great solution. You could also capture as Cineform to remove the pulldown and then convert to another format to edit with. So put the trial of Cineform on another computer for 15 days and do your capturing and then move the files back to your edit system.
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