Hmmmmm would this work?

This is a question regarding a possible quicker workflow in both Premiere and After Effects.
I'm wondering if I could take all my AVCHD footage and transcode them to simple SD footage and then build my videos using the SD files but before I render it out, could I go through and click on each clip in the project panel and hit replace footage and replace it with the original AVCHD file?
Would that keep all my edits/color corections/transitions/etc.?
That would speed up editing so much if I could do that.
 
I'm running CS4.1 and you're right, my desktop edits AVCHD pretty well, but like Taky mentioned, I'm looking for a laptop solution. Editing AVCHD on my laptop is like pulling teeth.
Thanks for that link! Just wanted to be sure if it was in any way possible. I'll have to go test it out with AE.
 
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