I know that Vegas 17 can create 360 video from cameras like the gopro but can Vegas take 360 footage and for lack of a better term un-warp it so it looks like normal 1920x1080 video where it could be then be manipulated by using the pan/crop tool to move the vantage point. I've looked everywhere on Youtube but can't find anything of the sort.
You can use the "tiny planet" effect for this (like the VEGAS 360° preview which shows the 'flat projection')... use a z value of 3. Longitude and Latitude is like rotating a ball.
I have created 1080p videos from 360 videos using Vegas. Use the 360 reorient function to get the part you want centered then pan/crop to crop to 1080p. (At least, I think that's how I did it...it's been a while...)
Edit: I tinkered a bit...
Set project to desired resolution.
Add 360 media (a picture of my back yard in this case).
Add the reorient fx and move the scene to desired subject (my cat).
Move the pan/crop so it is after the reorient fx, and crop.
Thanks for the suggestions but neither one seems to apply to the Gopro Max360 footage. Gopro simply hasn't done anything to make this easy. It shoots in 5.7k or something like that and the only way to edit it is by using the smart phone. Premier does have a way to do it but not Vegas. Using my phone to get this "reframed" as they call it is not my idea of a fun way to edit. An Ipad can do it also but nothing for windows believe it or not. Somehow the program that can be downloaded to the phone takes these two images (shot on the gopro with both lenses stitches them together. I'm worn out from trying to research this.
The photo below is a screen shot of what it looks like when put into vegas.
Ah...for that you need to use the Vegas Dual Fisheye Stitching fx.
(I used 960x480 in this example because that was the size of the image you shared.)
Once you've used the dual fishye stitch fx you can re-orient, and do the pan/crop to get a 1080p...if that's what you are after.