The Proxy creation In VEGAS Pro is one of the best I know. It's simple and very efficient. I only miss those options in the illustration below. I believe this will make creating and using Proxy even simpler and more efficient.
1.Create Proxy option remains as is.
2.Create Proxy with Watermark option serves to more securely identify Proxy files so that the proxy file is not confused with the original file.
4.Attach Proxy option is used to attach and make active the proxies in the project.
5.Dettach Proxy option is used to detach and inactivate the proxies in the project.
3.Remove Proxy option is useful in cases where proxies are no longer needed (saving disk space) or when for some reason it is necessary to create new proxies.
4.The Proxy Button in Preview Window is used to switch between viewing the Proxy and the original files. This button will only be available when there are proxies in the project. When enabled, it activates the modes (Draft or Preview) of the Preview Window that are used natively for viewing Proxy files. When disabled, it activates the modes (Good or Best) of the Preview Window that are used natively for viewing the original media files.