One of the keys to any conversion is the ability to retain Timecode.
If you are going to pass off the footage to someone else, or they might want to go back to original footage for online/colour grading, then you want to make sure your conversion program keeps the proper timecode.
If you are going to convert to high quality footage, and essentially start calling these new clips your “camera originals” then it doesn’t really matter. Personally I never use this path…but that’s how i operate.
Programs like Mpeg stream clip can do the conversion, but will not retain timecode.
If you have Avid, then you may want to look at the transcode function. This is how a large portion of the professional company’s will do the conversion.
Resolve (even the free version) will do the same thing, and usually quite a bit faster. You do however have to test your workflow with Resolve to ensure your project is set correctly to retain timecode and proper clip names, in case you want to go back to camera originals. There are plenty of posts in the forum about using resolve to create media for Avid.
Glenn