I will be colorgrading on a 45min doco pretty soon, of which will be coming from a client using Premier on a PC. Most of the footage was shot using a Red Epic with the occasional Canon DSLR used here and there for B-roll.
Anyway, main question is what would be your best advice in regards to workflow? Iv'e been reading around and noticed people having trouble with this particular workflow (Premier to Resolve) with regards to EDLs, XMLs etc. So would I better off taking the entire sequence and dividing it into 10 or 20min reels?
Another concern is file size... DPX and TIFF sequences are huge! (approx. 4sec(100frames)=1gb! at 2k ). Would I be better off working natively with R3D?
Any help is good help :)
8-core, OSX 10.7.3, 16GB
Radeon HD 5770, Quadro 4000
DeckLink HD Extreme 3D
Resolve 8.1.1 + Wave
Firstly I'd strongly recommend you to move to CS6 if it that's possible. Round tripping in Premiere, amongst many other things, works a lot better in the new version, but you may be ok with CS5.5.
In regards to the Red, I would convert all the footage to pro res 444 using something like Monkey Extract. Epic footage requires a lot of processing power and I feel you would have a bad time of it given your listed system specs.
If you want to get all the access to the dynamic range the Red footage offers convert all the footage to the Red Film Log gamma curve during transcoding. Your footage will come in looking flat and you'll need a LUT in Davinci to convert it back, but the benefit of this approach is that you'll have an incredible amount of range to work with. It's also a better work flow when working with R3d natively, as making operations pre lut can yield more natural looking results.
As for the 5D, prepare for the worst. Depending on the camera your 5D TC tracks ay are not read properly in Davinci. Fortunately there are workarounds, but they all involve transcoding the media and re-writing the TC track.