Hi Rick,
Even though you’re using a FCP-specific flavor of XML, its still limited in what it can communicate with Resolve. For example, since EFX and other titling effects are specific to FCP, those won’t transfer to Resolve. I’m no pro, but this is my workflow:
-Obtain project
-Create duplicate, working timeline of edit right away to preserve original for reference. I usually call it “To Color”
-Render out specific clips with effects added, essentially “baking them in”
-Place on top of original clips in original timeline, then outright replace in the “To Color” timeline
-Simplify new timeline as much as possible, remove all color, effects, etc, place all clips on one video track/layer
-I usually skip audio since it will be rendered out in FCP anyways after, or is synced with a bounced, mixed file.
I don’t believe this is the most efficient way to do it, but it works quite well with the editors I work with, as it provides versioning and transparency. I’ve also heard that by making proxies in the beginning of the post process, rogue timecode can be eliminated and prevent weird XML syncing issues when bringing back into FCP. I have not tried that but worth mentioning.