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Unless you need ClipWrap for reasons such as Eric outlined, you may be better making an archieve of the originals via disc image, etc., then bring into FCE and edit away and not get too hung up on the Color Space and the rest. Space for video storage is fairly inexpensive in the grand scheme of things at this point in time, 1.5 Terrabytes is under $100, you will be able to save many hours of video fairly easily, AIC is about 50 Gigs per hour, ProRes (varies on version) assume about 75 Gigs an hour for ProRes that is more than adequate for most things.
I am not saying there will not be differences between things and you will get better quality with different workflows, but very often it may be somewhat more academic then things to get too caught up in. For instance text in a DV timeline is something to avoid. Inadvertantly shifting fields is another thing to avoid. But otherwise the biggest part of the battle is getting the thing as best as you can when shooting then get editing happening.
Not sure where your footage will wind up, but if you are not doing this commercially (and even more so broadcast commercially) do not miss the forest through the trees. If something needs to be changed latter on, you can do it relatively easily or is otherwise worth the time (In other words you get the Studio later on and however you did the project in FCE really has a practical impact on the results as compared to a full workflow in Final Cut Studio. Reediting/reconforming etc. is part of the turf.) If your intent is to try to really knock things out of the ballpark, get the Final Cut Studio with all of its bells & whistles, plus a good monitoring system and storage, to do the work. Even then alot could be overkill anyway. Again I am not trying to say you should not be concerned about various color space and the rest, it will have times where there are advantages, but be careful of missing the forest though the trees. I have shot with many cameras and worked with many cameras in editing and when dealing with things the lesser cameras have produced better results.
But I have attended the San Diego Undersea Film Exhibition and watched many movies shot with HDV cameras that look wonderful on the big screen because the footage was shot well and put together with good stories.