Is there any way to fix this premiere CS5 issue?

Alright I started editing a project that I shot in 720p my sequence was set for 720. I shot more today in 1080 forgot to change it back and now my frame is getting cut off pretty badly. Is there any way to change the sequence or do I have to start a new project again?
 
on the same topic,

if you have a project with both 1080p and 720p clips, is it better to do a 1080p sequence and stretch the 720p clips, or to do a 720p sequence and scale down the 1080p clips?
 
Scale down the 1080p clips for a consistent look throughout the footage. And the difference between 1080 and 720 isn't very noticeable on websites like Youtube or NS, so why even bother with the larger file size.
 
right click on the shot in the timeline > scale to frame size
that or go to the effects tab, select motion, and adjust the scale.
And for sure scale down 1080 versus scaling up 720. How often are you actually going to output in full 1080?
 
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