I'm struggling to find the right Frei0r plugin / approach to be able to do a keyframed animated crop and pan across a 1080P frame using a 720P zone for rendering out at 720P. Is this possible?
**EDIT**
Seem to have one approach working instead of using a 720P project and trying to find a plugin that lets me place a 720P wireframe over a 1080P video by using the mouse to position it and keyframe that, by using a 1080P and then creating a 720P mask with transparency in Gimp as a guide, composite it over the video strip and use the Pan and Zoom effect to move the video strip up/down/left/right and keyframe that. Then crop at fixed position over the whole video timeline after?
A keyframeable crop would be a lot simpler. :-)

Sorry must be missing something I can't get it to work like that.
I've followed your instructions, using a 720P project, import my 1920x1080 shots, drop one on the timeline, apply Pan & Zoom and I get a 1280x720 frame of the source video in top left corner a dotted red box of 1920x1080 size and a 1920x1080 yellow box. Moving the yellow box just chops off some of the 1280x720 frame. It gives the opposite of what I'm after. Bug?
Using latest svn from Sunabs PPA.