I use Premier in my job fairly often. However, I've never used Premier to do what you propose, but this is what I would do. Hook one of your outputs on the ReplayTV to your video capture card (or whatever device you are using--I like the Hollywood DV Bridge personally). Capture the show full frame size and fps using NTSC. Edit the show as you please and then burn it to VCD, DVD, or dump it back onto Video tape. Should work very nicely. However, you better have a very large hard drive and LOADS of RAM.
Best,
Matthew in CO.