I would use Avid. After Effects is designed for motion graphics and compositing. It's not a real time application, plus, the only way to get your sequence into After Effects would be to automatic duck it. Since After Effects works in layers, versus tracks, you could easily get a 100+ layer sequence which can be fairly daunting to work on. Media Composer has good color correction options, and Symphony will give you more options.
North Hollywood, CA
"We are the facilitators of our own creative evolution." - Bill Hicks