Adam - "Can Premiere work with DPX sequences?"
Adobe - "DPX file import and export
Work with DPX frame sequences that include embedded timecode as footage in Adobe Premiere Pro CS5.5. Full control over parameters like black point, bit depth, and log/linear space allows nondestructive changes to be made at any time."
This was my Google search to get you started. Try it...you'll like it since no one here seems to be addressing your questions to your satisfaction ;-)
Tom Daigon
Avid DS / FCP / After Effects Editor
http://www.hdshotsandcuts.com