1 Duplicate your 4:3 Sequence.
2 In the duplicate Sequence, apply the Widescreen filter with a 1.78:1 (same as 16:9) ratio to all clips.
(You can skip this if you want - it'll only help you zoom the frame in step 5 and it will probably increase rendering time)
3 Make a new Sequence, and make sure "Anamorphic 16:9" is checked.
4 Drop the duplicated 4:3 sequence in the new 16:9 sequence.
5 Zoom the [matted] 4:3 frame to fill the 16:9 picture area (you can just drag the handles in the corners).

[If you have the time and want to get advanced, you'll do this on individual clips to crop out only unwanted stuff - not just zoom in straight on the centre.]

6 Render out the sequence before printing to video.

Remember, Final Cut will seem to "letterbox" the 16:9 sequence in your Final Cut Canvas (the window where you view your edited stuff).

This happens if the Canvas is in the shape of 4:3 (which it often is in the standard window layouts).
But the picture really is anamorphic - you can test this by hooking up a 4:3 video monitor (the picture is horisontally squeezed) or by printing to video and displaying the picture on a 16:9 set.

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