Ok. I gotcha.
Question though (and this might sound stupid) but when the same camera shoots both 720 and 1080 do they use the same area on the sensor to make both pictures? Or is the 720p image obtained from a smaller part of the sensor?
My thought is if it uses a smaller portion of the sensor to make 720p then that's why the skew will not be as bad.
Depending on the camera.
Example: GH-1 Uses the same area for 1080 and 720P. So you dont' get a crop when going to 720P. The change is scan rate, which is why the 1080 has a bit more jello (which is already handled quite damned well) versus the 720/60P. Same goes for the 720/30P as well.
However, with the RED, when you shoot @ 3K or 2K you DO Crop the sensor. This is the reason that just about everyone shoots 4K on the RED and not 3K or 2K unless using 16mm Primes, doing off speed acquisition, etc etc.
You don't get S35mm FOV if you're not in 4K.
This is actually the only reason I'll take an FF35 Scarlet after having thought about it. The OPTION to do as you wish will be awesome. The Resolution, don't care about it. I'd take a 1080 Scarlet so long as it's FOV was accurate, but the option to shoot Academy @ 4K or FF @ 5K (landscape detail would be SCREAMIN' I tell ya) is excellent.
So, the smaller portion fo the sensor doesn't apply to the GH-1. The reason I think that the MKii's cropped 720p (not downrezzed, but cropped and composed for Academy) would still have the same amount of Jello is because it's baked into the footage. If you're trying to get Academy FOV then you treat the camera as is and scoot back, etc etc. THe jello is going to be baked in as it is, though.
The only real way to know is to try it:
MKii @ FulL Frame w/50mm Prime. Compose, Pan at various speeds
MKii @ Academy Guides w/100mm Prime. Match Composition within the guides, Pan at various speeds.
Compare.