(Will This work?) Existing Project in CS3 HDV mode - Swich everythign to Cineform.
 

Have project already partially edited in CS3's native HDV mode. > I want to convert all files to Cineform codec and edit in Cineform mode. ( This is an composting heavy project )

If I convert all my files to cineform in HDLink, will i be able to go into premiere and make offline all the current HDV files and change/re-link the source file to the new cineform file (of same/similar name). This way i want to keep all my bin data ( comment/description/good/color code, ect ). I have about 300 shots and they have all been logged by descriptions. Just never tried this and asking if there is some other method or better tactic.

My Plan;
In premiere, I import the existing HDV project into a new Cineform HD Project.
Make all HDV files offline / select original files exist on disk / and re-link to the cineform Files of the same name. Will this work? Do the files have to have exact same name?

I've never done this exactly, but I suspect that the clips will have to have the same names to link properly, unless you want to relink each clip manually.
You might consider opening a new test HDV project, importing just a handful of HDV clips, "edit" them a bit, add some metadata, etc.,then import that project into a Cineform test project, and proceed as per your game plan. You'll quickly see what the snags are, and can gauge the feasability of trying to move a big project.
Good luck