I usually just do a batch list with MPEG Streamclip -> Apple Intermediate Codec, 100% Quality, 29.97 & unscaled and let it go all night so when I get up in the morning I have something ready to edit. I usually shoot everything in 1280x720p @ 60fps, which looks great for DVD’s and HD youtube. . .
I’m trying your iMovie idea just for kicks. . .