So far I import my SDHC clips to a second internal HDD in a folder corresponding to the card ID, which I scratch on (paint now). When I start a project I copy/paste all video/sound-effects/VO/Music to the created folder (under Film-Projects) . . . then in Vegas Movie Studio, when I "Import Media" this is done from the Project folder only. The So-called "Master Copy" isn't touched, unless I need it, or to add new clips as the SDHC card fills up.
However, I'm realising that I may be copying vids for little purpose, as I have two external HDD drives and these have copies of the "Master" files, so, unused clips are 3x and any Project clips 4x copied.
--- - I wonder if anyone can suggest how I could make a "Reference to the source"...in the same way I understand Video Editors do.... e.g. when I "Save my Project" I'm saving instructions - Only at Rendering stage does the video-file become involved and that's a transitory copy.
Quality - these are digital copies, so no degradation . . . but making Project files as well might seem like copy-overload, and the space could be better used. However, I do like the arrangement of seeing items in the project folder - it looks tidier like that, somehow. Also, some "projects are called "Soon-xxx" where I may plan to collect clips to make something longer-term - eg whenever I visit relative who live somewhere nice.