Granted all these posts are from several years ago, in case anyone reading these, i just ran into this very issue. and trying to figure out how to work with different codecs on the same timeline in FCP7 its been 2 days of udder (cow joke) frustration. all different formats of video , all different aspect ratios etc etc. I took them into streamclip and converted and exported each clip as a .MOV file……. again, still the same issue. each file, even tho its a now a quicktime movie file. seem to be retaining the orginal characteristics. and still jam up the computer if 2 different clips are in the timeline. so i’m trying to figure out how to tailor each clip, so they all match, trying the above information..
HOWEVER, i did discover a work around that seems to be working. i dragged all clips forcefully into a single timeline. rendered them out (which took a long darn time) using the Biggest highest quality clip to set my timeline setting to, so it’s all one continuous stream of clips, then exported the entire thing as a self contained .mov file. then took it into Compressor, and and converted the whole shabang as an apple prorez 422 file….
so far this is working. and i am able to cut as if it is one piece of footage. probably not the right way to go about this. but if you are having this issue. with multiple types of footage. give it a go.