Thanks, yes that is a much better description of my alternative 1, but… that causes much rendering time. First a slow Canon to a lo-res ProRes transcoding and when finished editing, a slow Canon to hi-res ProRes export… … and at the end I have a good end result but as original I still only have the Canon files. Good quality, but huge, not able to play on my equipment and must be transcoded again when reusing them.
If I start by converting the Canon files to 4k ProRes LT these files are:
1 – Fast enough in FCPX to edit without transcoding to the internal lo-res ProRes Proxy
2 – Good enough as original for me and easy to reuse
3 – By editing the same codec/format as my end result I seem to get much faster final export rendering
Maybe I am ignorant, but for my application I find 4k ProRes Proxy files being good enough both as end result and saving for reuse. But FCPX (I believe) cannot use that format for intermediate rendering. My Proxy files will be converted to e.g. LT files and at the end I have to convert them back to Proxy… which is slow, but not as slow as Canon to ProRes.
Maybe I should stick to a ProRes LT workflow?