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It seems that DV Toolkit is for actual video editing and I am hoping I can just get Digitranslator and get by with that. It's about $300 whereas DV Toolkit is over $1000
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No, it's not for video editing. In addition to other important features, DV Toolkit is required for time code and feet/frames capabilities. You will need it to do serious audio for video/film work.
Having said that, I'm sure somebody will post something different...about how they've managed to develop a post workflow that doesn't depend upon time code. But trust me: you need time code!