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the video is a little long, but I hope you will bear it! ha ha.
EDIT: thanks to Ioda Media on the forums there is a different, more efficient, way to perform a very similar workflow
In after effects, bring your footage into a timeline. Duplicate it until you have four copies of the footage.
After duplicating it, take the top two layers, and pr-compose them. This will be your highlights, name the pre-comp as such. Repeat this pre-composition with the other two clips. these will be your lowlights/shadows.
Go into your Highlights composition - take your top clip and set the blending mode to MULTIPLY. Move this top layer one frame forward. Your shadows will be highly crushed, and this will result in a very high contrast image this is what we want.
Now, go into your low-lights/shadows pre-comp and select the top clip. Change the blending mode of this to SCREEN, and move it one frame forward. This will do the exact opposite of what we did in the highlights comp. Instead of making a high-contrast image with the highlights preserved. We made a high-contrast image with the shadows preserved.
Next you can do the luma key as shown in this video. I feel as though this results in much less ghosting etc. than the current method I have here. I will be uploading slightly modified tutorial soon (Probably just adding something to the end of this one :) )
EDIT2: Malcolm Debono on the forums suggested shooting at 48FPS and I realized that this is totally possible. With the latest magic lantern hack; you can choose your framerate in small increments. so, it is theoretically possible to shoot at 48FPS @720P