can i run this workflow by someone?

Hi there i am a former film assistant, still transitioning (yes, shameful, i know) into digital environments after some years off. i would be grateful if anyone had comments on the following feature workflow and whether it makes sense. d5-hd 23.98 1080p masters transferred to DVCPRO HD 1080p for cutting. i have sound on dvcam with 29.97 tc which i have to handsync to picture material in the avid i have about a terabyte's worth of material--this is project combines fiction material with documentary material (it's a doc about the making of a feature.) the facility we are at is going to supply us with a meridian. we are going to buy storage because this project has to start and stop over the next year. anyone have suggestions for what kind of storage would be best for us to buy? are there any obvious compatibility red flags? i personally think cutting this project in hd is overkill, but that is the desire of the producers. sorry if these questions are a little dopey--i would greatly appreciate any input. thank you so much.