I can't seem to find a source for prebuilt letterbox mattes for common aspect ratios that can be applied to a project on final output (not event pan/crop).
So even if you have bazillions of tracks, you can just add effect on output to get your widescreen matte and that will automatically get you the right aspect ratio without math involved and render speedily.
None of Sony's filters seem well suited to this either. I was just trying to take footage i shot 16:9 with 2.35:1 mask on my camera's LCD and matte for output to 4:3 DV tape.