Jason, I had the very same problem. The Pinnacle Studio ‘Help’ facility was no help at all. I found the solutionon another site. First with any scene in the timeline selected, go to the ‘Edit’ menu, and ‘Select All’ then click ‘Copy’. From the ‘File’ menu select ‘New Project’ when the new project opens up select ‘Set up’ then ‘Project Preferences’. Choose your ‘Project Format’ click OK. Finally click in the timeline and select ‘Paste’ your project should now be in your desired format. It worked OK for me and saved a lot of time re-editing.
