I may not be the most qualified to answer this since I don't work in DV video formats/codecs specifically, but from what I've read and seen it's best to do editing with a lossless codec. I use HuffYUV, and Adywan on this forum uses Lagarith to give some examples. These are the most popular for editing I think, but there are others out there too. If you have these codecs on your machine I see no reason why you couldn't edit files done with them in Adobe Premiere. But they will make your files pretty big -- the old trade off, file size versus quality retained.
I know nothing about "MainCon DV 2.4.16" so I don't know if that's the cause of your shimmering woes or not.
Hope this is of some help!
- WXM