I would love it if I were missing something and this was already available:

Real time vector and waveform scope overlays with composite video in the Program Monitor.

Edius 5 does it beautifully and I got spoiled with it.

Make sure that Adobe get your wish as well: Adobe - Feature Request/Bug Report Form (https://www.adobe.com/cfusion/mmform/index.cfm?name=wishform)

The more Feature Requests, the more likely the requested feature/s will find its way into the application. :)

Thanks for the link Roger!

Marty, have you looked into the Blackmagic Ultrascope?

Steve.... I just checked it out. Very nice and could be the best option for Premiere. Thanks for the tip.