I would like to record HDV to the CF unit and DV to tape at the same time. This way I could have both formats and import the HDV into FCP using the CF unit and the DV footage using a DSR-40 deck I currently own. This would save me from having to buy a new deck. Is this possible? Thanks.

The way the camera is designed, you can't do it. You can only do it the other way: HDV to tape and SD to CF card. The reason is because the way you set the CF resolution is with the same down-convert settings you use when you down-convert on tape capture or when you are previewing what the camera is shooting or has shot with an SD TV or monitor.

I know this won't help you much. Sorry.

Can you down-convert back from HDV CF to DV on tape, even if it isn't in real-time?