A lot of these posts coming up lately...shooting with that exact camera, at 120 (or as they state, 119.88fps) and trying to use them in FCP 7 or Avid MC. Someone else said they were able to convert the 119.88fps to ProRes via Media Encoder, and then used Cinema Tools to slow it down. You sure you can't modify that frame rate to match the master?
And yes, FCP and Avid can get by with less RAM because you need to convert the footage to an editing codec that they understand...ProRes or DNxHD. Doing that lessens the need for RAM or processors because they are easy to deal with codecs. AVCHD...XAVC-S....H.264...those are complex codecs that need to be decoded on the fly as you edit, and that takes a lot of processing power and RAM. 8GB is not enough. Adobe is able to cut native, but only if you throw tons of resources at it to decode, including that RAM, processors...and graphics card processing either by CUDA or OPEN CL.
So you either need a souped up machine to deal with this footage in Premiere Pro, or you need to convert all the footage to manageable editing formats for FCP Legacy or Avid. Or you can see if FCX can deal with this...it doesn't need quite the resources PPro does, and does convert footage in the background to ProRes while you edit....