I'd say yes, in that tasks like what you describe are essentially what the Mac Pro is designed for.

The amount of raw computational power a Mac Pro has over even a top end MBP is pretty significant, so if you can outstrip the abilities of a Mac Pro, I'd be impressed.

As a bit of unsolicited advice to accept or reject as you please, I'd consider the Mac Pro a long term investment and consider going with the dual quad-core CPU model (that's 2 CPUs, both of them quad-core). It adds about an extra grand onto the price, but will likely give you an extra 1-2 years of viability out of the unit, minimum, so should easily pay for itself a couple years from now when you'd normally have to be buying a new computer, but instead are just starting to notice that you're coming up on the limits of what it can do.

Also, if you buy the unit at a local retail outlet, you usually have something of a 30 day no questions asked return policy. So you can set the thing up, give it a whirl for a week, and by then you should have a pretty good idea if it's going to work for you or not. If not, pack it back up and return it.

Finally, there is no late 2010 MBP, you would have either a Mid-2010 or Early 2011. There was a Late 2010 MacBook Air, but that was the only Late 2010 product. If you mistook a MacBook Air for a MBP, that would most certainly explain why you're having problems with high end video editing. Just a minor FYI. When you bought the thing doesn't matter, it's still using the hardware specs of a specific model refresh.