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If you are on... Vegas 6 I think? Cineform codecs come bundled with Vegas. Just go render to new track. I'm not sure what the nicest workflow is with that, other than scripting tool(s) [only Gearshift automates that AFAIK]. Or buying the relevant Cineform product that transcodes to Cineform on the fly as you capture.
Or, get vegas 7 and do native m2t editing.
My workflow consists of capturing as much footage as I need for a project and then putting it all in one track leaving a few seconds of space between the clips. Then I render the whole thing out to Cineform and delete the m2t's. I put the Cineform AVI into a track in a new veg project and split them at the places where there's space between the clips. I put each clip into a new track and go from there. That's how I edited the video in my signature. I don't know if it's the most efficient method, but it works for me.![]()