HDV in a SD project
 

I've been recording theatrical plays with an FX-1 at 1080i, then capturing twice, once with the DV downconvert from the camera as SD footage and then full size HDV so I can repurpose the same material for 'close-ups'. The final output has been as DV, i.e., standard def.

Is there a way of using Aspect so I can capture only once as HDV and use it's acceleration properties in either a standard def DV type project, or as a 720p type project? What would the settings be?