I’m dealing with the same issue. Recently I update to Mountain Lion 10.8.2 and FCP X 10.0.6. The BluRay burning process have been improved. I’ve tried all of the ways described in this post in order to shorten the long transcoding process. I have a 2h:6min project (26 GB) and this is my routine:
In FCP X Share to BluRay Pionner external drive
Select my own background picture 16×9 (cropped in iPhoto)
Select include chapter markers
It has taken about 14 hours And now is burning. It is still to long time, but other ways are much more if you export a Quicktime master file first.