I finally managed to figure out this convoluted process. It's not very user friendly at all. I would think it wouldn't be this hard to make a song in GarageBand and get it right into iTunes, either right to the Music app or via the cloud. I have iTunes Match. It should allow me to import my song into the music app, then push it to iTunes via the cloud. This process took forever to figure out and execute. iNotHappy
Here is how i get my iPad Garage Band tracks into Pinnacle Studio for iPad:
1. Share the Garage Band track to iMovie
2. When asked, create new project in iMovie. The track is loaded into the timeline of the new project, with no video.
3. Share the iMovie project to Camera Roll
4. In Pinnacle Studio for iPad, rebuild the media library.
5. The track is now in the camera roll and can be dragged (multiple times if required) into the soundtrack area of the project
I much prefer Pinnacle to iMovie as it is more versatile and frame accurate.