You can't. You can only import P2 at the same codec it was shot.
You could media manage it down to offline RT...but really, that is asking for headache. 720p 23.98 really doesn't take up that much space. I have 78 hours worth on a 1.5TB drive...it takes up 1.2 TB of it. And drives are cheap. MUCH cheaper than the offline/online workflow will cost you in hours of work importing, converting...then importing again and re-linking. Plus there is SO MUCH room for error.
Import full res and work with that. It works on a Firewire 800 drive, and easily editable on a laptop if needed.
www.shanerosseditor.com
Listen to THE EDIT BAY Podcast on iTunes
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