I am fairly sure this is possible. I'd double check Apple's minimum computer requirements for editing HD video.
The HD format is easily transferred over a normal FireWire. Though SATA and FireWire800 are fast enough to make it seem like you're working with DV.
From my experience, you'll want Final Cut Pro 5.1 or higher (universal binary) for P2 HD support. DVD Studio Pro has been able to create HD DVD's for a little while now, so you'll want an HD DVD burner to take advantage of that.
Happy Burning,
andrew @ videomaker