This process makes a lot of sense if you're working with a fast and straight forward project. But since we are working with a rather VFX heavy project it isn't really the ideal way for us to go. We have 1080p proxies that we use to cut the whole thing is and we will probably end up importing that timeline into Davinci and replacing all the clips with the raw files. For the stuff we need VFX on I guess we will have to render out into After Effects since Premerie can't handle the RAW 4:1 that we are working with.
This might not be the most effective approach but I think it'll get us where we need.
(I wish I was working on things shot in prores without any vfx and only a few days of editing needed...)
Yes CinemaDNG raw 4:1 is not suppored in the latest update of premiere. Regular 1:1 is, but we wanted to deal with smaller file sizes.