2. DMProjector (version 1.05) does not work with tga input files with alpha channel. So, while exporting the clip for use with DMProjector from After Effects, had to choose "Millions of colours" instead of "Millions of colours +" in the advanced settings.
While doing some renders, found the following:1. Virtualdub (at least my version, 1.8.8) does not work well with 24 bit wav files when a wav file needs to be added to the video. Needs to be converted to 16 bit to avoid extreme noise in the avi.
3. For 1920x1080 input files, DMProjector takes around 3 seconds per frame.