if you plan on editing in FCP in HD, then you better have some real fast drives.
if not, then you could render out 2 passes. id do one to dvcproHD and a second can be 2 animation ( though i would use the decklink codec since i have a blackmagic card).
you can then offline your cut in FCP in realtime making whatever editing you need to do. then relink the clips to your “uncompressed” render for final output.