[Joey Bullock] "My most common use for this is when I need to denoise footage in After Effects... Recently I have been doing much larger projects, that require extensive effects editing in AE. This takes FOREVER to export lossless for each and every clip, but I don't want to compress or lose quality before bringing it into my sequence."
It's not rendering a lossless file that takes forever, it's denoising. Analyzing and removing noise is highly CPU-intensive.
I do not recommend dynamic link in this workflow. I think it's best to render out your shots as individual files and manage them in your NLE. This will cost a little bit of time upfront, but it will save you time in the long run, because you will not need to continually render and re-render those segments over and over in Premiere.
Rather than straight uncompressed, though, I'd suggest using a lightly-compressed mezzanine format, like CineForm, DNxHD, or ProRes.
[Joey Bullock] "I know there must be some way to more effectively transfer edited footage from AE to Premiere and vice-versa."
You can import a Premiere Pro project into Ae. You can copy and paste between the two apps. You can use Dynamic Link.
Ultimately, though, I really think it's best, especially on larger projects, to render media. If you embed a project link (done in the output module and usually checked by default), you can re-open the After Effects project that created a rendered clip in Premiere by right-clicking it and choosing Edit Original.
Walter Soyka
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