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I know you can with Black Magic. I would think AJA provides the same support.
Ok.NO live capture as yet.
Ok.
But if I do not press Record on GH1. Use camera in preview mode?
This has been pointed out before, and it's been my experience also, but the GH1's HDMI playback video quality is not very good.
For example, it's lower quality compared to viewing the same GH1 original files off the SDHC card playing in a Blu-Ray player or game machine that has a SDHC slot, or playing the original files on an appropriately-configured computer. This is viewing all on the same 1080p HDTV or monitor. Playback directly from the GH1 generally doesn't look as good as using these other methods.
So, although I am hopeful Vitaliy Kiselev and his merry band of testers may perform a miracle and enable true, live HDMI out from the GH1, the video quality might not be good enough for much more than focus & framing (even so, that would FANTASTIC!), but I hope they pleasantly surprise us!