No. There would not be any quality loss. You have the choice of either trancoding to pro res 422 in the beginning before the editing or you could do it when exporting. However for color correction, its easier to do with Pro-res footage.
Sohrab
FCS 3 & Adobe PPro
AJA Kona Lhi, Mac Pro 2 X 2.66 Ghz Quad Core
Flanders Scientific LM-1760W
“The creative person wants to be a know-it-all. He wants to know about all kinds of things: ancient history, nineteenth-century mathematics, current manufacturing techniques, flower arranging, and hog futures. Because he never knows when these ideas might come together to form a new idea. It may happen six minutes later or six months, or six years down the road. But he has faith that it will happen.” — Carl Ally