Does a premiere project save offline files for recapturing later?

In order for storage purposes, I want to be able to take my finished video projects and put them on some sort of removable storage device so that I can free up space for current projects on my machine. I want to just keep all of the project files on a DVD R so that I can bring up the project if I may need to sometime down the line. It is not practical to also save all of the avi's of footage from the project because that would take countless DVD discs. My question is, as long as I keep all of my project files (excluding online avi's), my premiere project file, and all of the source dv tapes--will I be able to open up my project later down the line and see and offline edited sequence and just pull out my stored DV tapes and re-batch capture, leaving me with my project intact? I know this can be done, but can it be done in premiere? I'm running pro 1.5...Thanks for any suggestions.

Dustin