1) Video Previews is where you have your playback previews set. There's a useful option there, that if you have those set to the format/codec you will be using for export, and it's an intraframe format, then you can export with the "use previews" option checked, and any place you'd had Premiere create previews it will use those without needing time to re-encode.
In intraframe codec has each frame as a complete frame, simply compressed. This is opposed to an interframe codec, where there are complete "i-frames" every 9-30 frames, and in between are partial frames and matrix sets. The matrix sets are data of the pixels that 1) have changed since the last i-frame 2) will change before the next i-frame, or now 3) BOTH. So for encoding any interframe format/codec, it requires the computer to create the i-frames around that area and store them to RAM, then compute all the between-frames.
Interframe format/codecs are called long-GOP (group of pictures) and are typically H.264/H.265 and some mov forms.
Render & Replace is a different option, but I normally have my preview and R&R options set to the same format/codec for reasons that seem pretty obvious ... to me at least! All though they weren't until I had the differences of things as above explained to me.
2) It sounded like from the project you're working and being a noob that ProResLT would be an adequate quality for the task. ProRes, Cineform, and DNxHD/R are the three main "DI" and delivery formats for much pro work where quality is of dire concern. Any of them can work well, and they all have variuos levels of 'quality' which basically is dependent on the bitrate for that level. Other than the uppermost levels where RGB and 12-bit become part of the codec stats.
The second part is answered in 1) above.
3) Warp, time-shifting and color are all three very heavy effects. There are some monster computers that may be able to handle all three done to a clip without preview/R&R/nesting, but ... I don't assume anyone has one. Therefore to get playback and encoding times in control, you have to break up the workload. Nesting causes Premiere to separate tasks out a bit, and I don't have a clue why, but ... it works.
Pick the one effect that you can finish in one step so you won't need to change it. Typically, that's really Warp. So apply Warp and do an R&R to replace the clip used on the timeline with a full-on quality clip that is fully stabilized.
Then pick either color or time next ... do that, then right-click the clip and select "nest". It turns green on the sequence. Then to the nested clip on the sequence apply the other effect.
For order, which is the effect more likely to be 'stable' and which more likely to need further tweaking? Do the more stable option first, the one you expect to tweak more later. Often, that means doing time-shifting first, nesting, then applying color as you not only need to color correct the clip to something close to neutral, you will need to then modify it to match the clips before/after it. Often late in the processing chain.
Neil
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