Maybe I am missing something here but how do you initiate a project with 720/24p in Premiere Pro 2.0? I do not see any option (not even in the custom settings) that would allow me to select this timeline with the appropriate frame size.
go to custom settings in the new project window, and set the editing mode to desktop. from there you can uses whatever editing codec you want and use whatever framerate you want and any other custom settings you would like that you have availabe to you on your machine through any plugin ect.