You have a project that's 16:9.
You have video you need to place into your production but it's 4:3.
Solution...
Find a photo or video-frame grab (16:9) that best suits your project.
Blur it.
Use that as a backdrop for your video.
Doing this retains the full frame of your video and can look really nifty if you choose the correct image.
A video, blurred, can also work.
Actually, you could take your Go-Pro video in the timeline.
Right-click to alter the aspect ratio.
Blur it.
Place your GoPro video (4:3) over (under) that.

HP Envy Phoenix/4thGen i7-4770(4@3.4GHz~turbo>3.9)
Nvidia GTX 960(4GB)/16GB DDR3/
Canon Vixia HV30/HF-M40/HF-M41/HF-G20/Olympus E-PL5.
Tape capture using 6 VCR, TBC-1000, Elite BVP4+, Sony D8 camcorder with TBC.
https://www.facebook.com/BarryAFTT

Thanks BarrytheCrab for the suggestion, but I just want the images to cover the entire 16:9. Powerdirector does it in their tutorial, of how to do a time lapse but doesnt tell you how they did it.

http://www.youtube.com/watch?v=PyeriBXL3PI

At 1:15 in the video.

I have tried editing the photos prior to putting them in the slide show creator but they still convert them back to 4:3.

Anyone else have any ideas?

I think that means that that that section of the YouTube video was edited to 16 by 9.

What is the ratio from the GoPro? You will either have bars on the top and bottom or will have some of the images cut off. Barry gave you the information on how to change the black bars to something more pleasing.

There was a program that was available that would allow you to do the "best" cropping but I don't thin it is available any more. It was called "Image Cropper" appropriately enough, and it was free. .
.
BoilerPlate: To posters who ask for help -- it is nice to thank the volunteers who try to answer your questions !
Anything I post unless stated with a reference is my personal opinion.

Quote: Thanks BarrytheCrab for the suggestion, but I just want the images to cover the entire 16:9. Powerdirector does it in their tutorial, of how to do a time lapse but doesnt tell you how they did it.

http://www.youtube.com/watch?v=PyeriBXL3PI

At 1:15 in the video.

I have tried editing the photos prior to putting them in the slide show creator but they still convert them back to 4:3.

Anyone else have any ideas?

Looking at the youtube video tutorial, it looks to me as if the Project Aspect Ration was set to 16:9, was your Project Aspect Ratio 4:3 or 16:9 ?
Just wondering. Thanks,
Bill in Texas

PD-12, PD-14 and PD15 is installed on this iMAC computer under BootCamp, and PD's are running great:
DxDiag Info:
System Information
------------------
Operating System: Windows 7 Professional 64-bit (6.1, Build 7601) Service Pack 1 Language: English (Regional Setting: English)
System Manufacturer: Apple Inc.
System Model: iMac11,2
BIOS: Default System BIOS
Processor: Intel(R) Core(TM) i3 CPU 550 @ 3.20GHz (4 CPUs), ~3.2GHz
Memory: 4096MB RAM
Available OS Memory: 4022MB RAM
Page File: 2031MB used, 6010MB available
Windows Dir: C:\Windows
DirectX Version: DirectX 11
DX Setup Parameters: Not found
User DPI Setting: 144 DPI (150 percent)
System DPI Setting: 96 DPI (100 percent)
DWM DPI Scaling: Disabled
DxDiag Version: 6.01.7601.17514 32bit Unicode

PD-12 PowerDirector Ultra: 12.0.3403.0

PD-14 PowerDirector Ultra: 14.0.1728.0
SR numbers: VDE14

PD-15 Power Director Ultra
15.0.1725.0