After a long period of trying things out, for example clearing out current versions, re-loading software from various sources (CD, download etc.) playing with various settings it does now seem to be working but quite unstable (parts still go black). The settings that "seem" to be working at the moment are: Optimisation threshold 60%, render whilst playing off, hardware acceleration none. I also have to go into my temp file before I open studio 24 and delete all files there.
Occasionally, transitions and titles still go black randomly. If I force render them (change one of their parameters slightly), they usually come back.
To answer your questions - the material source is footage from two separate video cameras (a GoPro and a hand held video camera) and digital stills. Previous projects I have worked on before this problem and "The Sky is the Limit" sample do seem to work OK, any new projects I started exhibited this problem. I have not changed anything on my computer in between other than Windows updates and a couple of other updates.