DV Info Net - Can I do the same in Vegas 7?

I'm planning to use a SD monitor to color correct HDV footage.
Here's a procedure that works with FCP and I'm wondering if there is a similar way to have the same work in Vegas 7.

Monitoring option #4: Standard Definition Professional CRT Monitor
This is the typical professional standard def monitoring system used since the beginning of the DV age, and an excellent setup for color grading, whether you’re shooting SD or HD.

In this setup, a Firewire cable is connected from your computer to a DV or HDV camcorder, then an S-video cable from the output of the camcorder to a professional Standard Definition monitor.

Instead of a camcorder, you could also use a DV or HDV deck, or a dedicated box, but there’s rarely a good reason to spend extra money on this component, since translating digital to analog puts almost no wear on your camcorder at all.

Once the device is powered on, and set to VTR mode if a camcorder, under the View menu, refresh A/V devices, then choose Video Playback > Apple Firewire NTSC 720 by 480.

When playing video, Final Cut Pro will send a standard definition digital video signal through the Firewire cable that the camcorder will convert to analog and drive the monitor live from the timeline. DV footage has always worked this way, and starting with version 6, Final Cut Pro has the ability to downconvert HDV on the fly and send a DV compatible signal through Firewire.

When paused, Final Cut will send a single frame through Firewire, showing both fields at once if editing an interlaced format. This’ll cause still frames with motion to jitter, which looks weird and has caused some concern with new editors, but this jitter won’t be visible to your viewers, only to you in your studio on a paused frame. We’ll talk a lot about interlacing in just a little bit.

A professional CRT monitor has a blue only switch that routes the blue signal to all three guns, which is an essential part of the calibration process. There are some low end pro monitors that don’t have a blue only switch, but if you have the right controls you can still calibrate the monitor while looking through a pure blue lighting gel or a blue photographic filter.

Another benefit is that you can use this monitor on set for a safety monitor. Even if you’re shooting HD, a professional HD camcorder will output a standard def signal to a monitor like this, and it’s surely more accurate than your viewfinder!

The downside is, since the monitor is not Hi Def, it’s not as good for HD computer graphics, compositing or keying because you’re watching a downsampled, standard definition picture.

However, a combination of an SD monitor for color grading, and Digital Cinema Desktop Preview - Raw, for pixel accuracy, is a great and affordable monitor combination and strategy.

Pros:
once calibrated, accurate brightness/contrast/color/saturation
great for color grading, overall visual look
accurate interlacing, frame/field rate, motion blur
monitor can double as field monitor when shooting

Cons:
not HD, not optimum for HD computer graphics, special effects or keying
cost (several hundred dollars)