> What are the precaution one should keep in mind in this lowres offline to
> hires DV online.
Do NOT, do NOT, capture with Capture Now. If you can't automate (ie. Batch Capture) the capture of your clips, you may not be able to online properly. Log your entries and then use Batch Capture.
Do NOT ignore timecode breaks. Log around them, and set the capture to "Abort on Timecode Breaks". This is the most stringent, slowest, yet safest way to deal with timecode breaks. "Make New Clip" also works, but can have unpredictable and impractical results (for example, 14 clips created with durations of one frame apiece). If you have too many breaks on one tape, redub the tape DV-DV (no quality loss) and generate new timecode.
Make sure you back up your project files regularly, to multiple locations. Relying solely on Autosave Vault is an amateur's mistake.
It would be a good idea to do a Media Manager test with just one or two tapes worth of captured clips, just to go through the experience. Follow the instructions in the Ken Stone article as provided by Shane Ross.