djyod,
First, WizyWyg's reply is incorrect. Premiere Pro is the next version of Premiere. It is NOT the same as 6.5. It is essentially "7.0" and should be released shortly.
Second, my guess is your Pinnacle DV500 will work with Premiere Pro, making sure you install Premiere first, then reinstall the DV500 drivers so they find Premiere's folder and insert the correct plug-in files.
Third, if PP won't work with the DV500, one way to get TV output is to buy the Matrox Parhelia AGP video card, which has triple-head output capability, and includes plugins for Premiere, After Effects, Lightwave, etc to route the Monitor window, for example, from Premiere to the third video output head, which would be an NTSC monitor, or TV.
Hope that helped.
Ruderalos