Advice on this video card for adobe premiere.

Yeah, Adobe Premiere Pro, especially older 1.5, doesn't need a powerful graphics card, you'd be fine with current low end, or even get away with integrated, once CS3 ships it may add more 3D effects, but even still a GF7600GT should be more than sufficient to handle transitions and previews. And until we know more about if there is hardware acceleration, I'd say the GF7600GT is fine, but I would recommend waiting and getting a cheap GF8600 /8500 instead, just for the better 2D support.

Heck I'd take a GF8500 over a GF7600 for this type of work, either that or an AMD X1600/1650.