Thanks for the input. I continued to dig around some more and found this in the FCP 7 manual describing the difference between 422 and 422 HQ: https://documentation.apple.com/en/finalcutpro/professionalformatsandworkflows/index.html#chapter=10%26section=2
I also came across this forum, which seemed to answer the question “Is 422 HQ even worth using?” https://www.lafcpug.org/phorum/read.php?1,266774,266775
For me, higher quality means that’s the one I should use. Though, it doesn’t look like FCP X transcodes in HQ, just normal 422 or 422 proxy.
Anyone else want to weigh in?