I think I have found my monitoring solution. The Sony PVM-14L5 ($1550) It comes standard definition ready, with composite, S-video and Component inputs, but designed for HD monitoring as well. For another $3900 (a later acquisition) I can buy the BKM142HD HD SDI Card and be ready to color correct in HD.
The Kona LH has SD component outs on the card, and does realtime hardware SD downconvert so that I can monitor the HD footage on the SD monitor.
This is a very economically viable option, as I was planning on getting another Dell 2405 ($960) and the Decklink HD Link ($700) and would end up spending the same amount of money. This way I get a professional NTSC production monitor for all SD work, and have the possibility to upgrade to an HD card for any future HD work.
I’d like to thank Ken Ecker for this solution. He recently purchased the Kona 2 and will be getting this monitor (sans HD card for now), and then renting an HD monitor for the CC phase.
NEXT UP: My test results using the newly released Magic Bullet Editors 2 film effects package. The results were…surprising…