HD footage down converted to SD

I'm working with a project shot on a Sony XDCAM in Final Cut 6.0.4. I have imported the footage as XDCAM HD 1080i CBR. To date I have been down converting episodes to SD through Compressor for DVD. The problem has been Color Correcting. Since this project is going out as SD is there a way to bring the footage into FCP to edit and color-correct in SD?

If possible what are the steps?

Thanks
Tony

finish your HD sequence.
create a new SD sequence of the appropriate format.
copy your HD clips from the HD timeline and paste them into the SD timeline.
scale to fit, color correct and whatever else you need
then export your uncompressed SD for use in compressor/dvd studio whatever...

Is there some reason that you can't color correct it as HD (1080i) in the FCP timeline before converting to SD in Compressor?

im guessing that may be because he doesnt have a color accurate HD monitoring platform...?

Yes, the HD monitor is the problem.

Thanks for your answer. So the HD clips will not change the setup of the new SD file?