I assume you have Premiere Pro 2 to be editing MPEG on the timeline.
Try it !
Import the footage into Premiere. You may need to toggle the preference for sizing clips to project dimensions (acts when you move clips to the timeline, so can be changed in mid-project without unexpected repercussions).
You will need to decide how to deal with the 4x3 footage on the timeline. Using Motion as required, you can either accept letterboxing, or zoom to fill the frame with edge material lost.
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