Thanks Shane. To answer your question, because 1080/24 DVCPRO is around 12.5MB/s where 720/24 DVCPRO is only 5.6MB/s. I have a three terabyte RAID and roughly 50 hours of footage. If I wanted to have any space left over to online uncompressed 720 was the way to go. Also since I want to online uncompressed and I obviously can't cut at uncompressed, editing at native resolution really doesn't save me anything except a slightly larger picture.
I looked into media manager and saw the "recompress" option which should work perfectly. I wonder though, will it keep all the logging info? I only recently upgraded to 5.1 and with past versions have been very skeptical of the tool due to past stories of MM nightmares. Will give it a try.