Well thanks to you all and your help, I have almost everything mastered. I still have one problem. It is in the exporting of the final project. I set the project settings at 720x480 same as my source DV material. But the export comes out like 320x480 or something weird like 520x480 actually it comes out anything BUT 720x480. Please advise.
Also no matter what I do the final project isnt the same length as the original source clip. Lets say that the source clip is 34,000kb the finished project with a very simple illusion tracked on can be from 11,000 to 89,000 kb.
If things are getting shrunk down, it's because the stage is covered up in some way by the other windows of the interface. The quick way to get around this is to hit Alt+3 before rendering, which will maximize the stage, or you can just drag the edges of the other windows so that your stage is big enough to fit a 720x480 area.
What codec are you using to output the final renders with? The codec you choose and its settings will determine how large the file size is in the end (though that doesn't affect the length of the clip, just the quality)
Also, important to point out, your 720x480 footage is probably not insquare pixels, and pIllusion stuff is. It may be causeing the footage to come in at the wrong size. Your program may be squishing down the footage thinking it has a different pixel aspect ratio.
You see: NTSC DV 720 X 480 (Non-Square PAR) = 648 X 480 (Square PAR)
You are better off exporting your footage as square pixels, and then bringing that into pIllusion.
Most NLE's can tell (or you tell them) that you are importing square pixel footage, and then automaticallty converts it to the current aspect ratio.
If your program is reading this as square pixels, then square pixel footage at 720x480 is going to be altered in size in a non square comp.